transsferring mortgage to someone so they can get support for mortgage interest ?

[cestlavielife]

i joint own two flats with my exP. one is rented out, one he is still living in. he has no job. cannot get mortgage interest support as is joint owned.

i moved out and rent elsewhere with DC. i have a job.

both flats have same size mortgages and similar equity. both mortgages on interest only.

he is proposing to divvy up "one flat each" so i get the rented out flat (which i intend to sell and buy elsewhere).

he proposes to keep his "home" of 17 years and have sole ownerhsip of the flat, transferring ownership and mortgage on the basis that by having sole ownership and mortgage he will be able to get support for mortgage interest.

i cant see the bank agreeing to that - under what circumstances might they agree to transfer to him?
he may well be on ESA forever (long term MH issues) and therefore mortgage interst support could in theory be indefinite. but wholely depends on govt decisions right? and in any case that would only pay the interest.

lots of other madness in his proposal but is there any way bank would accept this eg

• he gets a guarantor
• he proves he will inherit later to pay off the mortgage
• ???

surely the bank is going to laugh if i say to them i want off the mortgage and to transfer it all to him?

Like you, I seriously doubt any mortgage company is going to entertain an application from someone with no income beyond benefits. And I don't think a guarantor would make much difference to the decision. However, I expect he'll have to apply & be rejected to be convinced, from what you describe. No idea how help for mortgage interest payments are administered but surely they're for people with an existing mortgage that get into difficulties, rather than someone taking out a brand new mortgage that they can't afford?

Wouldn't he be better off selling up, taking the cash and using it as a deposit on a different flat? Can understand how it would be a wrench if he's lived there for so long but he'd probably qualify for housing benefit and other help that way.

The bank wont transfer the mortgage to him without him having an income. SMI rarely pays the full mortgage as it pays interest only upto a fixed amount so he would still have to meet the repayment side and any interest shortfall.

As Chil says, that benefit is there for existing mortgages not for new ones where the person knows that they are not intending to meet the mortgage payments themselves.

he prob wont be able to buy anywhere in london unless homebuy/share scheme etc (might be possible if he goes down the MH/incapacity/needy route.

anywya exP just doesnt want to and wont listen - but yes unless he can somehow persuade bank (i got thru to bank who said "maybe with a guarantor" ) then it is daft idea.

i moved house - tho it felt like freedom not a wrench - why cant he? (rhetorical question)

Just wanted to add that I get SMI on my jointly owned property. XP a high earner but not contributing to mortgage costs.