Changing from Joint to Single Names on a mortgage

[monty138]

My husband and I are in the very early stages of a divorce and it is intended that the mortgage be put in my name. The mortgage is a very low percentage of the overall value of the property but is on a repayment basis over a short term. My intention is to revert to an interest only mortgage, reducing the costs by 2/3rds in the short term. Initially however we require the mortgage to be changed from joint to single names. Will the lender require income information for me to facilitiate the switch or as I am already on the mortgage and given the Loan to Value ratio, switch it without any evidence of my income.

Thanks in advance for your help

[buildersmate]

I think they will want to know that you are likely to be able to make the repayments - which means them getting to see your earnings and outgoings. You will have to ask the lender.
I suspect they will also require your partner's name removed as a a proprietor on the land registry land title - so this is going to have to tie up with whatever financial arrangaments you are coming to as part of the break.

[Jenarry]

i went thru this process recently. firstly you will need to contact your mortgage company and they will tell you what they require from you. they will more than likely tell you that you need a solicitor as there is legal work involved. i initially rang round some local firms and was getting quotes of £500 upwards. i finally settled with doing it with an online solicitor which cost a total of £240 -much cheaper and very easy.i had to fill out a detailed application form with the mortgage company with job history, incomings and outgoings,etc and proof of income -ie recent wageslips and proof of any benefits as the loan is changing from the responsibilty of 2 people to 1 they want assurance that you will be able to meet the payments.(it is almost like you are applying for a mortgage from afresh) i don't think the amount outstanding will alter how the mortgage company deal with this.are you and your ex partner agreed on how the equity of the property is being split between you as this is obviously a big factor if you have paid a lot of the mortage off.