Road rules0 min ago
Joint mortgage change to Single (BF/GF Split)
My GF and I have split up. We have a joint mortgage with RBS on a house. We have only had the mortgage two months and made two payments. The deposit I placed on the house was all my cash and my ex GF is not disputing this at all. She is also not interested in arguing over two mortgage payments which we met together 50/50. What we both want is for her to hand over the mortgage and house to me fully so she can move out.
It is an ammicable split and she is totally happy to just sign it over, there is no disagreements on the deposit (as it was mine) or the fact shes contributed towards two payments - she does not care.
What do we both need to do to get the house and mortgage in my name? Who do I contact first? Can this be done without costs/solicitors?
Many thanks in avance for anyone who has some advice. I am/was a first time buyer and have no experience with home ownership at all!
Thanks again,
G
It is an ammicable split and she is totally happy to just sign it over, there is no disagreements on the deposit (as it was mine) or the fact shes contributed towards two payments - she does not care.
What do we both need to do to get the house and mortgage in my name? Who do I contact first? Can this be done without costs/solicitors?
Many thanks in avance for anyone who has some advice. I am/was a first time buyer and have no experience with home ownership at all!
Thanks again,
G
Answers
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The first people to contact are the lenders.
As things stand, your ex-GF and you have 'joint and several liability'. That means that, if the mortgage payments aren't met, the lender can pursue either (or both) of you for the money. So, if you fell behind with the payments, the lender can demand that your ex-GF pays every penny. (It's completely irrelevant that she no longer lives in the house, or has any interest in it. She has signed a contract guaranteeing that the payments will be met; the lender is not obliged to accept any changes to that contract).
Changing the mortgage to a single name puts the lender in a worse position than they're currently in, because they'd only have one person to pursue for debt if things went wrong. So you'll have to be able to convince the lender that you'll be able to meet the mortgage repayments from just one income, both now and in the future (when mortgage interest rates might rise considerably). i.e. you'll effectively be applying for a new mortgage, with the same assessment criteria that a new applicant would face.
The lender might refuse to accept your (joint) proposal, and insist that your ex-GF's name remains on the mortgage. (If so, there's absolutely nothing that you can do about it, other than to sell the house). If the lender agrees to you having a mortgage based upon your sole income, they will guide you through the legal process.
Chris
As things stand, your ex-GF and you have 'joint and several liability'. That means that, if the mortgage payments aren't met, the lender can pursue either (or both) of you for the money. So, if you fell behind with the payments, the lender can demand that your ex-GF pays every penny. (It's completely irrelevant that she no longer lives in the house, or has any interest in it. She has signed a contract guaranteeing that the payments will be met; the lender is not obliged to accept any changes to that contract).
Changing the mortgage to a single name puts the lender in a worse position than they're currently in, because they'd only have one person to pursue for debt if things went wrong. So you'll have to be able to convince the lender that you'll be able to meet the mortgage repayments from just one income, both now and in the future (when mortgage interest rates might rise considerably). i.e. you'll effectively be applying for a new mortgage, with the same assessment criteria that a new applicant would face.
The lender might refuse to accept your (joint) proposal, and insist that your ex-GF's name remains on the mortgage. (If so, there's absolutely nothing that you can do about it, other than to sell the house). If the lender agrees to you having a mortgage based upon your sole income, they will guide you through the legal process.
Chris
The first thing you have to do is notify your mortgage company. They will have granted the mortgage on the basis of the two salaries, and they need to recalculate whether it is possible to keep the same size mortgage going, on the basis of your salary alone.
If the lenders are happy to go ahead, you will need to get your GF's name taken off the deeds to the property, which will cost you - and in fact you may have to pay a fee, too, to get the mortgage transferred to you.
Go see your lender a.s.a.p. - you can't do anything without their authorisation, otherwise you will be in breach of the terms of your loan.
If the lenders are happy to go ahead, you will need to get your GF's name taken off the deeds to the property, which will cost you - and in fact you may have to pay a fee, too, to get the mortgage transferred to you.
Go see your lender a.s.a.p. - you can't do anything without their authorisation, otherwise you will be in breach of the terms of your loan.
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