Help I have broken up with my girlfriend!!!!!

[Big_davey_61]

Hi,

I have recently broken up with my girlfriend and need some answers regarding some mortgage issues.

We bought a house with a joint mortgage just over a year ago and now we have broke up she would like to sell the house. Now does anybody know how happy the bank would be either signing the mortgage over to me or re-morgaging in my name only and paying off my ex. The obvious problem being the reducement in income for the house.

Any advice welcome.

Cheers

[clever trev]

The simple answer to all your questions, if you have the finance then there is no problem. the bank would be more than happy, however you do say that the reduced income is a problem??

[Big_davey_61]

Well my income has not changed individually just that my partner�s income will no longer be considered.

Not sure if the same rules apply to getting the mortgage in the first place or since i am already in the house if different rules apply. I can afford it but if I went for the same mortgage amount originally and was on my own I would not have got it.

Simply speaking just wondering if banks see it as more hassle to make me sell than to let me take my ex partners name off the mortgage.

Have made an appointment with my bank to discuss.

[clever trev]

I would think that your options are to carry on meeting your mortgage payment (both of you as it is joint ) you then have to agree with your girlfriend what sum of money she requires to pass this home over to you, you will then have to cover the mortgage yourself, and also find the sum that your girlfriend requires plus legal costs. eh it would be better if you both got back together!!!

[Big_davey_61]

Ha in a perfect world yes. Was thinking about remortgaging for the new property amount and paying her off that way.

But again not sure how much pull I will have with the bank on my own.

[EverClean]

The bank will consider your application SOLELY in the same way they considered it JOINTLY at the outset of this mortgage. They will assess our sole income and credi record and make a decision based on that. If they won't accept you then your girlfriend is stuck on the mortgage until the property is sold. The mortgage company may allow you to take your mortgage to a smaller property with a reduced mortgage amount and then take your girlfriend off the mortgage but the current property still needs to be sold.

Good luck.

[Big_davey_61]

So basically in order to re-mortgage or even put it in my name only they will assess me like I am buying the house from scratch with the same criteria they originally went on. And if my income is not enough then the place will have to be sold.

What if a 3rd party goes as guarantor against it?

[EverClean]

There is a slight chance that your current lender will allow your history with them to sway their decision but in general terms they will assess you in terms of risk as they would any other customer.

They may allow a guarantor but some lenders don't allow guarantors at all and others will scrutinise them carefully (i.e. the guarantor will be assessed in the same way you will - credit search, income references, etc)

It is possible to do but everything will be taken into account - speak to your lender aout their stance towards guarantors.

[kitty1981]

I went through this same situation last year. I went to see my mortgage lender, which at the time was halifax. I discussed the situation and they checked my finances and in the end they lent me the money. The repayments were slighly higher than when we lived together but i could still manage it. If i had gone in to borrow that amount in the first place on my own there is no way they would have given it to me. In the end... i could pay it and they didnt want to lose custom. Go and speak to them, they are able to bend the rules in these situations.

it will cost about 300 quid to remove her name off the mortgage though and they will do another survey of the house