Change to Deed of Trust after separation

[Bigredtrain]

Hi,

My ex partner (not married) left myself and the kids last summer. Since then we have paid half of the mortgage each as we co-own our house.

He has now said he cannot afford to pay CSA and half of the mortgage so would like the Deed Of Trust to be changed so that he no longer contributes to any future mortgage payments and therefore will only get out the equity he has so far put into the house. Is this possible?

I only earn £700 a month however I am in receipt of Child Benefit and Universal Credit. Would the lender need to be notified/is this likely to go through/would the lender have to assess whether I can afford the repayments?

I do feel I would be able to cover the full monthly mortgage repayments based upon my income.

Thanks.

If you are simply changing the proportions in which you own the property, the lender generally doesn't need to be informed. They will still be paid first when the property is sold. All the deed of trust does is determine what happens with anything left over after the lender has been paid.

Thanks so much for your advice, it is really helpful 🙂

you need to check if you are able to keep the house and remortgage now to give him his share of the equity. You either remortgage with a transfer of equity to end up with the property 100% yours or sell the house pay off the joint mortgage and each take the equity split as per the existing deed of trust now. If you are looking to remortgage with a transfer of equity approach your existing lender first, L&C are and independent broker who can search whole market for your circumstances the Halifax take into account universal credit but be careful not all lenders do so you might need an independent broker Like l&c