transfer of equity from joint to sole mortgage

[willgetthroughthis]

My partner and I are splitting up. We have a flat with a mortgage and he wants to come off the mortgage. I understand this is called "transfer of equity". He will not want to take money or not much as we have a child together and he wants the flat for them. My income alone is definitely enough to qualify for the mortgage. I am worried about any additional cost that might arise though, the biggest one being: will I be able to continue with the product our mortgage is currently on? Would we have to re mortgage and be hit with early remortgage fees (they are crazy for the product we're currently on) and then go on a new product with much much higher rate? just wanted to get some idea here before I work up courage to call the bank...

A joint mortgage cant be transferred to just one of the mortgagees. They would have to have another financial assessment of affordability first. Then (unless you have enough cash in the bank) youd have to remortgage in order to raise enough money to give the other mortgagee their share of the equity. If youre on a fixed rate, you may well have to also pay an early redemption fee.

@Soontobe60 other mortgagee does not want the money. Would we still need to remortgage then?

my precise question is if you can do transfer of equity and remain on the same product without remortgaging.

@willgetthroughthis I think this is only a question which can be answered by your mortgage provider. Probably not the answer you want but only they can say. They will be most interested as to whether you can keep up the repayments . I would speak to them as different providers might have different answers and the one that counts at the moment is yours. I would phone & explain you can continue the mortgage yourself and ask if they can take the other borrower off. It will depend on the reasons they gave you the mortgage with 2 people ( ie is it higher risk with only one person paying) . I would just phone them & then you will have your answer. Be clear and answer any of their question about you being able to pay the repayments. I don't see any way round this.

BUT One opinion
I wish you well

@BasiliskStare yes you're right. Will give them a call. Thanks.

@willgetthroughthis - I think you are doing the right thing - one more point which occurred to me( & I am not a mortgage broker ) They will want to know how much your DP will be taking out of the house ( so how much it affects your loan to equity for your sole mortgage

Enough - I wish you all the very best.