Changing mortgage to my name only

Hi - can anyone help me. I am separating and ahve a joint mortgage with the ex. It is an offset mortgage with a very low level of mortgage compared to the maximum borroinwg amuount. Is it possible to ask the bank to transfer the mortgage just to my name or do I need to reapply . I ahve told them of the separation and also changes in my employment status from employed to self employed but have not approoached them about transferring to my name only.

Thanks

Hi is1

Don't know hoe much help I can be. I have just agreed a Deed of Separation with my H and the house is signed over into my name. This was all done with the solicitor. The agreement show his willingness to transfer the property to me for and agreed sum. Just waiting for the Land Registry to be sorted. Hope this is of some help.

You will need to contact both the bank and a solicitor.

Your bank will consider the request based on your sole ability to secure the borrowings. And it will be on condition that your partners interest in the property is signed over to you. This is where the solicitor comes in. Given the nature of the lending market mid credit crunch the bank may prefer that the risk of default is less if you are both responsible for repayment, as is the case currently. You may have to raise the funds elsewhere.

Kind regards

Folkart

A small word of warning. It doesn't matter whose name the house is in if it is considered to be pat of the marital pot.
A deed of separation can be changed unless ratified by the court. Just a bit of warning as circumstances can change before the court ratifies it as a Consent Order.

Sorry forgot to add. Many banks and building societies cancel the existing mortgage sometimes with penalties and then you yake up a new mortgage which involves fees/solicitor costs etc which can often be quite high..often in the region of a grand. The Coop Bank was doing a good deal on mortgages with no setup costs or solicitors fees. There was however a fee to change deeds if you are tenants in common which is often the case. Also there might be early redemption charges...depends on our particular case but in total I had over a grand in early redemption fees.

I guess I was lucky then. The bank agreed to transfer the mortgage to me and my h also agreed. I guess it was his guilt. He would not get too involved with the solicitors because he could not talk to anyone about our circumstances as he was so ashamed of what he had done and still is I guess. This does not help me I know emotionally but it gives me some form of security and that is what he wanted. My solicitior thought a Deed of Separation would be the safest option for me. The court is unlikely to overturn an agreement when there are no other issues like children to consider and it is in full agreement of both parties. I have to believe that this was the best option for me given the length of our marriage.

Polar I was lucky enough last week to get the transfer approved by the bank without any penalties except a £100 transfer fee. Don't understand why some banks behave the way they do!!

Hi, Oftn because banks play on our greed but also we dont plan to separate/divorce and many take out mortgages with terms that are long time tie ins with penalty interest if early redemption. Secures bank forward planning I suppose but all the same catches people out in circumstances like ours.