Removing Ex from mortgage - where do I begin?

[QuentinQuarantino]

Ex-DP and I bought house just over 3 years ago. We had already split but have remained on good terms and it was the only way we could get a mortgage (his affordability + my parents providing deposit). He has never lived in the house.

He paid the mortgage for the first year until youngest DC started nursery and I was able to get a job and since then we've paid half each.

We're still on good terms but have both moved on with new partners etc and I really think it's best (if possible) for us to sever the last remaining financial tie and for me to take on the mortgage alone.

He's on board with this (but wants a share of the equity if I ever sell).

Do I need to approach the bank first and ask them to assess my affordability to take over mortgage? (I can definitely afford to pay it but work PT and get UC and don't think current lender accept benefits as income). Does that mean applying with a lender who does? Would a broker be able to help? (We used London & Country for the original mortgage and found them really helpful).

Re: the legal side of things, taking his name off deeds etc. Is it a case of instructing a solicitor? And is this likely to be complicated/expensive?

Any advice would be greatly appreciated as I haven't a clue.

You need to find a mortgage company whp will lend you the full value of the mortgage to be able to buy your partner out i believe

Watching this with interest as I'm in a similar position, although I have no contact with ex so unsure how to get him off. He hasnt contributed either for 6 years but is still on the mortgage/deeds.

Is it agreed formally somewhere how much % or £ you each should receive? If not you need that number first.

You also should gets valuations free m estate agents (3) for current value, in writing

You should see a mortgage broker to find out if you can get a mortgage for whatever it will be you need to borrow, bearing in mind its going to be a bigger mortgage than currently if you are having to release equity/ borrow more to buy him out. The broker can check your current lender as well.

Then you will need a solicitor to conveyance it.

Meant to say, if he doesn't want equity now, but at some later date, that means putting a charge on the property usually above the lenders charge-they don't usually like that.

What is the size of the mortgage vs your income? Just a sense check to see if its do'able.

Getting a larger mortgage than the one we originally took out is not going to be an option for me on my own. I simply don't earn enough.

We thought that I might be able to get approved for a mortgage on the balance left (

Start with a good mortgage broker who will be able to advise what you will be able to afford, and what's available in the market.
When I was in a similar situation, I had to get a mortgage with my mum acting as guarantor. Would that be an option for you? It ended up being fairly short term for me - when I re-mortgaged after a couple of years, I'd paid off enough of the balance for it not to be needed.

I remember when speaking to L+C they said that guarantor mortgages didn't really exist anymore but yeah that could be an option.

The thing is, at such a point that I take over sole obligation for paying the mortgage I don't want ex to one day financially benefit from that point onward without having contributed. I think that anything he's owed should be based solely on what he's paid up to that point in terms of mortgage repayments. Is that unfair of me? Might be easier to ask my parents for a loan to pay him a one off sum based on what he's paid in. He has intimated before that he thinks he's entitled to a share of the money that my parents paid as deposit and I fear legally he is?

I might have this all wrong as I'm utterly clueless about mortgages/houses. Was borderline nervous breakdown at the point of purchase due to being about to be made homeless and would've signed my soul away to the devil without glancing at the paperwork.

If you didn't protect your deposit (deed of trust etc) then yes legally he is entitled to a share.

How did you purchase the house - joint tenants or tenants in common?

I think if you want him off and to not benefit in future you have to buy him out so would need a bigger mortgage or bigger deposit

In regards to the mortgage, maximum you would be able to borrow would around x4.45 your income excluding Universal Credit (none of the high Street lenders are accepting this income to my knowledge).

A decent broker will be able to find you the best rate to suit your circumstances.

Depending on the way the property was purchased (tenants in common or joint tenants) will determine what sort of claim your ex partner could potentially have so you will need to involve a solicitor.