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Original poster

Where do I stand with this mortgage?

25 replies

MrsBeeton3 · 06/05/2022 17:31

Looking for some advice please.
My long term partner and I have a house together although only his name is on the mortgage because at the time we bought the house my credit rating was too poor to allow me to get a mortgage. I live in the house with our children and pay all the bills apart from the mortgage. He pays the mortgage. He works away so is home at weekends.
Our relationship is ending and I want to stay on at the house as I love it. I can afford to pay the mortgage and the bills on my own.
I’ve looked at my detailed credit report and the derogatory mark that’s on there expires in 2024 so what I want to know is in 2024 could I transfer the mortgage to my name? And if so would I have to apply for a new mortgage or would the existing mortgage transfer to me? The reason why I ask this is that I don’t really want to start a new mortgage from scratch as the term will be longer plus the payments may be higher.
thank you

OP posts:
LuluBlakey1 · 06/05/2022 17:34

Why would your partner let you take over the remaining mortgage? The house is his, it is in his name, he has paid the mortgage, you aren't married. You have no right to the house or any part of it.

enjoyingscience · 06/05/2022 17:34

Why would the term be longer? Surely you can just get a new mortgage to match the number of years left on the old one? Will you need to give your ex a share of the equity? This might make the payments higher if the new mortgage is for a higher amount.

Asimhereanyway · 06/05/2022 17:35

It’s doable, in theory. Is your partner happy to hand the whole thing over or expecting you to pay half the equity? How would you pay that?
www.expertmortgageadvisor.co.uk/mortgage-help/transfer-a-mortgage/

Original poster
MrsBeeton3 · 06/05/2022 17:38

Because we originally went for the house together but the application was turned down as a joint mortgage because of my poor credit rating so he got the mortgage in his name only. It’s our house apart from the name. I want to stay here with our children and he doesn’t. He’s not against me doing this we’re just unsure if legally I would be allowed.

OP posts:
LuluBlakey1 · 06/05/2022 17:38

She doesn't say husband. Her name is not on the deeds. He has paid the mortgage. She is not legally entitled to anything in terms of the house. If he paid £200,000 for it, and it's worth say £300,000, that's all his. He might sell it to her for that but she has no right to anything from it.

LuluBlakey1 · 06/05/2022 17:39

If you ate not married and not on the deeds or mortgage it's his.

TonySmart · 06/05/2022 17:40

Hmm. Do you mean he'll let you take over the mortgage on the house without buying him out?

It's a tricky one, because legally it's his house and all of the equity in it is his. If he wanted to keep the house you wouldn't be entitled to stay there or receive any of the equity.

Is he really willing to do this? It seems pretty unusual.

fedupofdrama · 06/05/2022 17:41

is he basically signing over the house to you and your taking it on with the remaining equity etc?
how will he afford a new place or is that not an issue?

I would consider that the mortgage company will want to review you as a new customer and ensure you can pass their affordability criteria etc if you were to take it on as is. May result in a new term or rate being applied but you need to speak to a solicitor first really

Herbyhippo · 06/05/2022 17:41

What exactly is the issue on your credit file? I’m a mortgage broker and sometimes it’s possible to get a high street mortgage with an issue on your credit file. PM me if you don’t want to disclose the credit file issue on the thread.

I am not touting for business btw!

WhatNowwwww · 06/05/2022 17:47

You might not need to wait until then. It depends what the issue is on your credit file. You won’t be able to take over the product that he has in the mortgage. As your name isn’t on the mortgage/deeds you’d need to buy the house off him in effect, although he could choose to waive a certain amount so you didn’t need a deposit and could just get a mortgage for the outstanding amount on his mortgage. There may be stamp duty to pay though depending on the value of the house. Would he not want you to pay him at least some of the equity? Who paid the deposit when he bought it?

Crazykatie · 06/05/2022 17:48

You’re very unlikely to take over the existing mortgage, even if you could you would have to have his consent, you are ending the relationship how accommodating is he going to be.
If you were added to the mortgage, then later he removes his then it would be easier, but that’s a long shot.

prh47bridge · 06/05/2022 17:50

Whether you can transfer the mortgage is up to the lender. There is no law prohibiting this, but many lenders won't do it.

Getting a new mortgage won't necessarily mean a longer term. You can ask the lender for the term to match the remaining term on the current mortgage.

Original poster
MrsBeeton3 · 06/05/2022 17:50

Thank you everyone for your replies. Our split is amicable and because of our children and the fact I look after them Monday to Friday while he works away he wants me and the children to have stability. He knows I can’t get a mortgage at the moment so if he sold the house the kids and I would most probably have to go into housing association accommodation.
we only bought the 4 years ago. Don’t know if that’s relevant.
I haven’t got a CCJ but I think it was called a default. And it says it expires in 2 years. I presume this is why the joint mortgage was turned down. I’ve had mortgages in the past without issue (prior to the default)

OP posts:
TonySmart · 06/05/2022 17:55

Do you earn a similar salary to him? If not much of the mortgage has been paid off you will need to be on a pretty decent salary to be able to get a mortgage in your name alone.

HotDogKetchup · 06/05/2022 17:56

You can’t “transfer” a mortgage. You’ll need a new mortgage application in your own or joint names. Presumably you aren’t on the title either (only HSBC would allow someone who’s not on the mortgage to be on the title) in which case you’d also need a transfer of equity, for joint names, or transfer if it’s to be in your sole name.

lassof · 06/05/2022 17:56

So is he signing the house over to you as well,
or .
asking you to pay his mortgage for a few years but not giving you/selling you the house?

LuluBlakey1 · 06/05/2022 18:00

No point saying 'we only bought the house' because you didn't. He bought the house. It's his. You can't take it over. You have to buy it from him. He should have a solicitor. He could be loosing tens of thousands and should have proper advice before he makes that decision.

SO224350 · 06/05/2022 18:08

LuluBlakey1 · 06/05/2022 18:00

No point saying 'we only bought the house' because you didn't. He bought the house. It's his. You can't take it over. You have to buy it from him. He should have a solicitor. He could be loosing tens of thousands and should have proper advice before he makes that decision.

He's only paid the mortgage, the op has paid all the other bills so she could have spent tens of thousands too

WhatNowwwww · 06/05/2022 18:14

I have a family member who wasn’t on the mortgage but got equity paid out when they split as had paid towards all household bills for over a decade, there weren’t even any children involved. He argued it but lost.

ChateauMargaux · 06/05/2022 18:19

Speak to the solicitor who helped with the house purchase... see what they advise and then speak to the mortgage company... they might require your partner to stay on the mortgage for a while.. depending on your earnings and credit situation.

Original poster
MrsBeeton3 · 06/05/2022 21:10

LuluBlakey1 · 06/05/2022 18:00

No point saying 'we only bought the house' because you didn't. He bought the house. It's his. You can't take it over. You have to buy it from him. He should have a solicitor. He could be loosing tens of thousands and should have proper advice before he makes that decision.

You’re making it sound as though I’m stealing the house. This is something we have discussed. I’m not ending the relationship, we have both decided.
And in fact I did pay £200 a month towards the mortgage as well as all the bills for the first year. I had forgotten about it tbh. Then when I had my 4th baby I stopped paying towards the mortgage as I instead paid all childcare out of my own wage.

OP posts:
DownTownAbbey2 · 08/05/2022 08:29

Is him selling it to you in 2024 a possibility?

redastherose · 08/05/2022 09:10

The house is his legally, even if he agrees that it is a joint property it legally isn't. What you need to do is when the default has expired apply for a new mortgage in just your name for enough to enable you to repay the existing mortgage and any share of the equity you both agree he is to receive. It would be worth you discussing this with a family law solicitor to have a separation agreement drawn up which can deal with this and the arrangements for maintenance for the dc etc (ie you might be paying his mortgage in lieu of him paying nursery etc). You need to put this on a legal footing as soon as possible to give you some protection until you can remortgage otherwise you might pay his mortgage for another two years then he could sell the house out from under you with no agreement as to what happens to the equity.

GiltEdges · 08/05/2022 09:24

You’re making it sound as though I’m stealing the house

I don't think PP was suggesting that at all, but legally the house belongs to him and him alone. You'll require solicitors in order to have him transfer the house to you and you'll definitely need a new mortgage, you can't transfer the existing one.

AndSoFinally · 08/05/2022 09:35

Either way, if he's going to give you a really good deal here, at the expense of his own financial situation, you should pin that down legally ASAP before the good will runs out.

If you wait til 2024, and things have become acrimonious, you may find the deal is off the table. Legally you're entitled to nothing so don't wait!

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