Replacing a name on a mortgage

EllieB

Hi,

I've already checked with my bank if I can remove my ex's name from the mortgage and was told no. I was just wondering if anyone knew if banks allow you to take one name off and replace it with another?

Otis Driftwood

For any amendments like that,the general rule of thumb is that you will need to get a signed letter from your ex stating they are to be removed from the policy.

If it is you and you alone thats paying the full mortgage then this should be sufficient,if however your ex is still contributing to the mortgage payments then it could prove alot more difficult.

When you spoke to the bank did they not explain the options/processes for this?

EllieB

I never asked them about replacing one name with another to be honest.

Long story short, I'm seperated from my husband and he moved out. At the time I asked the bank about taking his name off the mortgage and having it solely in my name which they said no to. They said I would have to take out a new mortgage in my own name but (a) I don't want to lose my tracker mortgage and (b) I wouldn't get a mortgage that size on my my own. Ex husband has no intention to buy anything at the moment so he's happy enough to leave his name on it and I'm paying it myself.

Now though, my current partner has moved in and we want to put the mortgage in our joint names so I'm wondering if the bank with take off my ex's name and put my partner on it or will they still make us remortgage and I'll lose the tracker?

I know the bank are the only ones who can give me a straight answer on this but I'm just wondering if anyone has had a similar experience?

Toots

You'd have to take out a whole new mortgage. Since the mortgage is a legal charge you can't just substitute one name with another. You might be best consulting your solicitor before doing anything, as your husband might be entitled to some share in the house or money if you your partner 'buy him out' so it's best to know exactly what the implications of this would be.

EllieB

I figured as much.... I was just wishful thinking!

Thanks for your help guys

homer911

I presume you have some sort of official legal arrangement in place with your ex regarding his interest in the property? (If not, you should). In which case its pretty academic which names appear on the mortgage - unless your new partner wants some interest of his in the property to be legally recognised..

EllieB

Well my ex husband won't want his name left on the mortgage indefinitely as it affects his ability to obtain credit or a mortgage of his own. Also, as my new partner is now contributing half of the mortgage then for his sake he should have some legal standing.

TBH I'm just trying to hang on to my tracker mortgage and trying to find a way around remortgaging but it's looking unlikely that that's going to happen so me and partner are going to have to remortgage.

I'll speak to the bank anyway to see what's the best way forward.

bailes

EllieB,

In most cases their would be a legal seperation agreement, this will clearly set out the entitlements of both parties in relation to any of the marital assets, you need to get this done before you can try anything with the bank.

In relation to the bank there is no way that you will be able to swap the names that are on the mortgage as all banks are looking for ways of getting out of tracker contracts however you may be able to use this to your advantage by negotiating a reduction on the outstanding balance if you were to refinance.

I have experience with this so P.M. me if you want some help.

Best of Luck