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Need some mortgage info please

3 replies

Macandnocheese · 01/05/2024 14:46

My partner is on his ex wives mortgage, no money is being paid but he stayed as a signatory to enable her to keep the house as they wouldn’t let her keep it on her money alone, he was trying to do the right thing to ensure his children had a roof over their heads. They are all adults with their own homes and families now and we want to move forward as a couple with our own home, currently renting. He now needs to come off it, does anyone know roughly how long this takes? She also had a new partner so he can help her financially now if necessary.

OP posts:
Macandnocheese · 02/05/2024 08:35

Thanks for the info, very useful.
Well she won’t really have a choice but it’s not like he’s leaving her in the lurch, it has been discussed and she has agreed in principle, it’s just that nothing seems to be actually happening. They’ve been divorced for 20yrs, the children are all now in their 30’s so he no longer needs to provide the safety net of mums home for them just in case and she has another partner who lives with her but rents his own property out so they can well afford it. My partner worked and lived abroad for a few years once his children were out of school but we’ve now been together for 6yrs and my landlord is making noises about selling so we need to get things moving. Clearly we are not getting any younger and time is ticking.

OP posts:
BPquestion · 02/05/2024 08:41

First step is to get the house valued by three estate agents to get a fair idea of what it’s worth.

Then she needs to speak to a mortgage advisor to see if she / she and her partner will be given a mortgage for whatever balance is left remaining.

In theory, your partner is eligible for half of any profit, (her paying the mortgage is considered in law to be 50% her payment and 50% in lieu of rent to him for her having exclusive use of the property). In practice, she may need to keep it all because that’s the only way a bank will give her a mortgage.

Once mortgage and any profit split have been agreed, he and she need a solicitor each to sign a TR1 form, transfer of equity.

Job done!

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