Divorce and Mortgage

[purplemother]

Hi - my husband and I have separated, he wants to get out of the mortgage and have it transferred to my sole name. I will be seeing the mortgage adviser on the 6th march. I intend to take proof of income from a lodger - if they agree I can have a lodger on the current policy - and also proof of income from another job I have just taken working 2 evenings and a Saturday. There is negative equity in the property and my parents gave us the deposit so my ex is happy to walk away. what are my chances? We have another 2 years on the current mortgage payment scheme

[bednobs]

sounds quite unlikely to me - you will most probably have to remortgage unless you have a flexible mortgage that allows for changes like this - are you saying you want to put a lodger on the mortgage?? as in get a joint mortgage with a lodger? If you do have to remortgage, you will need another deposit probably because of the negative equity. But what do i know?

[ummmm]

You cannot guarantee that a lodger is going to stay though. So what will you do for income then???

[purplemother]

I have also secured a part time job which is guaranteed income. No I don't intend to put the lodger on the mortgage, but I do know of other people that have gone down this route.
is there a legal form I can get my husband to sign relinquishing all interest in the property - and not tell the mortgage company at all?!

[ummmm]

No. You will need to do a transfer of equity which will cost a few quid. Plus you'll have to prove to the bank that you can afford to pay the mortgage on your own.

Are you working two jobs then??

[purplemother]

yes a full time and part time.
what is a transfer of equity?