Calling all savvy mortgage advisor types out there - how do ex and I both continue to benefit from the great mortgage we have on the home we shared?

[MortgageMadness]

I've posted about this on the Lone Parents board here.

Grateful for any clever ideas.

Many thanks.

How much will you still have outstanding on the mortgage, and how many years?

The mortgage is for £340,000. It has 15 years remaining on it. I can reduce it to about £100k and retain savings. Got any ideas RockChick? Thanks.

Just read your other post?.your lenders response sounds harsh IMO.

Who did you ask at the bank (mortgage adviser/branch manager)? See if you can find the original offer and see what it says about ?porting? or transferring your mortgage to a new property.

Can you say who the lender is? It is very likely that your rate is making them no money at all so they will want to get rid of most of their lending on that rate. Have you asked them if they would consider an application from you to transfer the mortgage into you sole name? if not ask them, it would be interesting if they said yes because technically you transferring your mortgage from joint names to single names would be classed (under FSA rules) as ?new lending? or a new application.

Your rate won?t make you bank any money but they do tend to make a lot of money from the insurance policies that they sell (home, life etc) if you could feign an interest in a policy review at the same time (it may be a long shot) but it could possibly encourage an adviser help you out.

You will be able to get a better rate of interest than he will as you have (presumably) got more equity in your property than he does once you pay the £250k off, and the more equity the better the rate you will get.

How long is the 1.1% over base rate for, was it a lifetime tracker or will you revert to SVR variable rate at some point? Will you be taking it over as soon as you get the mortgage down to £100k, or will you need to keep paying it for some time to afford it on your own? Eg if maximum the bank will lend you in just your name was £50k could you agree to keep the rate for now then allow him to take over it once it is down to that level?

If you can afford it, try to shorten the term of the mortgage, or overpay whatever you are able to without incurring penalties, as this will dramatically lower your total interest payments no matter what rate you are paying. Incidentally, are you going to have to pay any penalties for paying off such a large chunk of the mortgage? As this would usually be a % of your current mortgage so would be fairly hefty!

Just another point as well (sorry, I do waffle on!) but your comment on the OP regarding the expected interest rate hike once his fixed rate ends, this will also affect your rate as you are tracking base rate to any increases would affect you immediately whereas he will not be affected as long as still on a fixed rate (although this is obviously higher than 1.1% above base rate) so if you could potentially end up paying the same further down the line as you would have done if you had let him port the mortgage.