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Original poster

Mortgage and divorce

20 replies

Stopthatknocking · 22/06/2023 07:30

I hope someone could advise me on this. I currently own a house with my stbxh.

I've been paying the mortgage by myself since he moved out 3 years ago.
It's a fixed rate at 1.5% which has another 3 years to go.
I realise how lucky I am I this with interest rates so high.

However, the hope is that in the financial settlement, I will get the house signed over to me.

Do you know if I would then need to get a new mortgage, at today's high rates? Or could I carry on with the old one but just in my name?

I can't afford new rates, so I'd have to stop the divorce if that is the case.

Suddenly panicking, can anyone advise me?

OP posts:
Wolfpa · 22/06/2023 07:46

To remove someone off a mortgage you would need to refinance, pay any early repayment charges and then get a new mortgage at current day prices.

Talk to an independent financial advisor as there are ways you can remove someone from the deeds and not the mortgage.

Plankingplanks · 22/06/2023 07:52

Eh green exDH and I split we had 3 years left to run in our fixed term. We divorced and in our clean break agreement stipulated what would happen with the house (he stayed on the mortgage until the term came to the end), then I bought him out.

Plankingplanks · 22/06/2023 07:53

*when exdh

Toooldtoworry · 22/06/2023 08:07

I'd definitely be looking to do what @Plankingplanks suggested @Stopthatknocking because otherwise you'll probably be looking at remortgaging on new rates and paying an early repayment charge. Plus, will you not have to 'buy him out' of the house?

Original poster
Stopthatknocking · 22/06/2023 08:22

Toooldtoworry · 22/06/2023 08:07

I'd definitely be looking to do what @Plankingplanks suggested @Stopthatknocking because otherwise you'll probably be looking at remortgaging on new rates and paying an early repayment charge. Plus, will you not have to 'buy him out' of the house?

Hoping not to have to 'buy' him out. I'm hoping a fair split will be I keep the house to house me and the dc, he keeps other assets.
Solicitor says this sounds fair, so I'm hoping he will agree.

OP posts:
Toooldtoworry · 22/06/2023 18:01

Fingers crossed then.

BetterFuture1985 · 23/06/2023 00:40

Wolfpa · 22/06/2023 07:46

To remove someone off a mortgage you would need to refinance, pay any early repayment charges and then get a new mortgage at current day prices.

Talk to an independent financial advisor as there are ways you can remove someone from the deeds and not the mortgage.

That might be possible, but the OP's ex would have to be a complete and utter idiot to agree to it.

BetterFuture1985 · 23/06/2023 00:41

Stopthatknocking · 22/06/2023 08:22

Hoping not to have to 'buy' him out. I'm hoping a fair split will be I keep the house to house me and the dc, he keeps other assets.
Solicitor says this sounds fair, so I'm hoping he will agree.

Show quote history

For this to be a fair deal, you would have to be able to get him off the mortgage now. Otherwise he's unlikely to be able to get another mortgage himself and therefore be unwilling to agree to it.

Original poster
Stopthatknocking · 23/06/2023 03:54

He won't need one. He has come into enough money to buy a house twice the valve of the family home, mortgage free.

OP posts:
Mindymomo · 23/06/2023 05:57

If he’s come into money, why aren’t you going for half.

Plankingplanks · 23/06/2023 07:33

Mindymomo · 23/06/2023 05:57

If he’s come into money, why aren’t you going for half.

I agree, why would you need a new mortgage, he should just pay off the house and let you have it?

Either way, you would be nuts to leave the mortgage at the rate it is on now, you'd not only have to pay an early redemption charge but also massive interest rate rise. You need to cling on to that fixed rate

EyeSpyPlumPie · 23/06/2023 07:41

You should be able to remove him from the mortgage. Ring up your mortgage company and ask. You’ll also need to get a solicitor involved to do a transfer of equity.

Toooldtoworry · 23/06/2023 15:46

EyeSpyPlumPie · 23/06/2023 07:41

You should be able to remove him from the mortgage. Ring up your mortgage company and ask. You’ll also need to get a solicitor involved to do a transfer of equity.

That depends on many factors, including whether the op earns enough to do so, but it will involve a new product and an early repayment charge.

TeenagersAngst · 23/06/2023 15:49

I think this is one of those cases where Google is your friend. There are loads of search results on this, including....

TeenagersAngst · 23/06/2023 15:50

Oops, posted too soon:

Just saw this on one website: "You don’t need to remortgage to remove an ex from the mortgage as it is possible to do a Transfer of Equity on your existing product and many lenders also allow capital raising on an equity transfer."

Fourmagpies · 23/06/2023 15:52

You may be able to take over the mortgage yourself. Speak to your mortgage provider. You will have to apply based on your earnings, but they can port the current mortgage to you so you keep the favourable rate. I spoke to mine a couple of months ago as we're going through the process of sorting the finances and I'm staying in the family home. They can port up to the current mortgage outstanding but any additional funds needed would be at a new rate.

Fourmagpies · 23/06/2023 15:56

Toooldtoworry · 23/06/2023 15:46

That depends on many factors, including whether the op earns enough to do so, but it will involve a new product and an early repayment charge.

Show quote history

Not necessarily. Mine would let me keep my current product. I would have to go through the application process as a sole applicant, but no repayment charges and keep the fixed rate.

Hokafan · 23/06/2023 16:00

Is your current mortgage portable? If so you can port it to your name only, everything else stays the same including rate and term (although you can change how much you’re lending if needed). I’ve got first hand experience of this. You wouldn’t need to pay an early repayment charge unless you reduced how much you’re borrowing. Your mortgage lender will be able to confirm this for you over a phone call.

cleanbreak2022 · 23/06/2023 16:06

I removed my ex from our mortgage last year, I took over the existing mortgage and it continued in my name only and then I renewed as a sole owner.

It is definitely possible.

We weren't married, so had no divorce to contend with, but I imagine the legal process is the same, but you would have to consider the financial order of the divorce.

EyeSpyPlumPie · 23/06/2023 17:41

Toooldtoworry · 23/06/2023 15:46

That depends on many factors, including whether the op earns enough to do so, but it will involve a new product and an early repayment charge.

Show quote history

The op will need to get a decision in principle before she can proceed but she shouldn’t have to change her product. My lender has quoted me £125 to remove a borrower from the mortgage keeping the same product, but I also need to engage a solicitor to do the transfer of equity.

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