Is it possible to remove somebodies name from mortgage?

[clpsmum]

Just that really? Joint mortgage and want to swap to sole name

If it meets affordability with the lender you can. Although you would have to pay for a transfer of equity which costs around £300

You will need to reapply. The loan will have been offered based on the borrowers named.

You need to reapply in your name only and go through all affordability chrcks on your own

My sister had to reapply and it was a very long process.
Her ex agreed to 'gift her' the house on the condition she paid him out. It's was all in writing. This was always her intention to do so but him 'gifting' her the house basically saved her a lot in fees.

I had to reapply and current lender rejected me despite being a customer for 10 years. Had to complete with another lender and was a pain. Worth it in the end

My situation has changed since we got the mortgage. I'm not on benefits and a full time carer for my disabled son so if I need to reapply it won't happen. Wonder if gifting the house would be an option if I could pay him off

** now on benefits

Possible, I did. So my mortgage and rate continued but in my sole name only. However they did all the checks on my income, savings, etc.
From what you said in your last post, I'm afraid I don't think that it would be possible.

Would he stay on the mortgage but you take over the payments and he pay maintenance? Then you could keep the house in both names at least for a little while. I done this for a good while until I was in a position to change it over :)

Some lenders - like nationwide- consider being a full time carer an employed role and will accept dla / carers allowance and tax credits etc as income. They did for us.

Some lenders - like nationwide- consider being a full time carer an employed role and will accept dla / carers allowance and tax credits etc as income.

Not as the sole income surely?

I realise they do recognise some benefits but wouldn't that be in joint mortgage cases where one person is earning?

I don't know, but it seems incredibly unlikely they would give a mortgage on such a low income.

Initially I did have it as a sole mortgage. I guess it depends how much equity you have and how much you’d need to borrow.

Stbxh wants his name off the mortgage and I don't want to move. I can afford mortgage on my own but not sure if they will allow it because of work situation. We have 33% equity in house

Wouldn't need to borrow any more money just take his name off and take over the mortgage

when I applied to nationwide a few year ago when trying to remortgage, they declined my application due to receiving tax credits. I was gutted as my employed income is too low to get a mortgage from anyone, so Ive had to stay put. Luckily it is in my name only.

Would he consider gifting it you for a price @clpsmum. My sister has very very recently went through getting her mortgage in her own name. It was a long and hard process and luckily her and her ex are on good terms. He agreed to gift it for a sum of money. She was happy to do this and it save her £900 for him doing it this way

So how would you pay him off, OP? Have you got savings?

He may consider gifting it to me for a price I will need to look into that. My parents are going to help me moneywise so I don't need to remortgage it

Just dread to think what his price will be!!!!

You can’t “take someone off the mortgage” as such. You need to apply and get a new mortgage in your own name alone (if you meet the lenders affordability criteria).

Yes, you absolutely can take someone off the mortgage.

Full time carer is considered a job if you receive carers allowance— not just Nationwide but all banks. In that situation you can count certain other income too including alimony / specific benefits etc. If you don’t get carers allowance then you are considered an unpaid carer.

Thankfully I do get caters allowance so there may be some hope

How much is your mortgage? Sadly it is highly unlikely. Even if he gifts you his share, you will only be able to take his name off if you pass the affordability on your own.

I can afford to pay the mortgage on my own and that's what I'm doing just now, so it is manageable

I would seek advice from a financial advisor or broker. There may also be stamp duty to pay but it depends on the value of the house.