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Original poster

Removing name from Joint Mortgage

15 replies

bringmesunshine78 · 29/12/2023 16:50

Hi, can anyone advise on this? I can't get through to HSBC and there's nothing clear online. My question is which way round do I do this?

Mortgage is about to run off its fixed rate and I need to renew. At this time I also have to remove Ex from the Joint Mortgage (court ordered). I have only just started working so might not have enough payslips to be able to prove on paper I can take it over - even though I can easily make the repayments and have been ever since the split a good number of years ago.

Which way round do I do it? I can fix it online without checks but then will there be a cost for removing him in a few months? As in is this a repayment charge as it is considered a new mortgage? It would be much better to refix now as the cost of a standard variable is wasted money. I'm not clear whether there will be a repayment charge if his name is removed once it is refixed? Does it then become a new mortgage in my name only, does anyone know?

Also, does anyone know if HSBC take into account the UC top up payments on top of salary, and Child Maintenance payments, when they're calculating affordabilty? Or am I better off with a broker to negotiate these with them?

OP posts:

Bowbobobo · 29/12/2023 17:03

Just talk to HSBC next week

AgentJohnson · 29/12/2023 18:02

The bank will ultimately decide if you can afford the repayments, just because you have been making them on your own for the last few years means absolutely nothing.

The bank will view removing your ex from the mortgage as added risk if your income is low. It’s imperative you speak to a mortgage broker asap.

Whatadayyyy · 29/12/2023 18:09

You will have to go thru a brand new mortgage application in just your name. Maybe find an independent broker who can see if you would be eligible and if they can find you a deal in principle. You will also have to get a solicitor and go thru the transfer of title process. They will remove your ex from the title deeds and issue new ones in your sole name. Definitely speak to a solicitor and mortgage broker asap

Whatadayyyy · 29/12/2023 18:10

Also to add, when I did this my new lender did take into account maintenance and UC

DoYouAgree · 29/12/2023 18:22

Yeah I had to do a whole new mortgage application in just my name and they look closely at affordability. Usually a few months worth of bank statements (can't remember how many now poss 6 or 12?)
Certain lenders do take in to account universal credit, child benefit and also maintenance as well if you're getting any of that. Mine did at the time when I renewed which was Barclays.
Also increasing the mortgage term can help as well.
Definitely worth speaking to an independent mortgage advisor - put out a call to friends/family if anyone has used one recently.

WatieKatie · 29/12/2023 22:46

It will need to be a new mortgage application in your sole name, either with HSBC or a new provider.

The lender will take into account all sources of income and your monthly outgoings to help decide on whether the amount you wish to borrow is affordable.

In the first instance I would meet with the mortgage adviser at HSBC either in branch or remotely. Explain your situation, they will then be able to discuss affordability and your chances of getting a mortgage approval ahead of an application, at which point a fee is usually charged. They may be able to extend the term if affordability is an issue.

Are you in your probation period at work? If so this will impact their decision.

Feelinglow27 · 30/12/2023 05:17

Hey I was in exact same situation as you and had hsbc mortgage. When I spoke to them it was relatively simple and could do most of it online (New mortgage with removal of name)...
However ended up I did not meet their affordability criteria to buy him out so I've had to change to a new bank to be able to move forward. Its not too bad, basically as others have said it's a new mortgage application with any equity you need to pay to your ex on top. I only needed 1 payslip.

Overthebow · 30/12/2023 05:48

how long have you been in your job and what is your income and the mortgage amount? It will be a new application, and the bank will determine your affordability.

Aprilx · 30/12/2023 07:10

Can you afford the mortgage on your own income? And does your income support the amount of borrowing that is required? I cannot see how a court order could possibly stipulate that somebody is removed from a mortgage. That person owes money to a bank, it is not for the court to decide that the bank needs to agree to them coming off the mortgage, if you can’t afford the mortgage on your own, then they won’t.

What are you doing about the deeds, it often feels like mumsnet posters think a mortgage and house deeds are the same thing. You really do not want him off the mortgage unless he is off the deeds as well, these are two things that are connected, but are separate and need to be dealt with in separate ways.

thedukeofbuckinghamshire · 30/12/2023 08:12

Aprilx · 30/12/2023 07:10

The transfer of equity to remove him from the mortgage will also remove him from the deeds - that's why a solicitor is required. HSBC won't remove him from the mortgage unless he's also removed from the deeds.

ClareBlue · 30/12/2023 09:53

And if you do not meet the criteria for a new mortgage renewal then the Court has essentially forced the sale of the family home which seems excessive. Is this common practice?

caringcarer · 30/12/2023 11:06

I think you need a broker who you can explain your personal circumstances too and they have good knowledge and can match you to a specific mortgage often with a lower rate too. Some mortgages require 3 months pay slips others 4 months, some will not take you if your job is on probation but others will. A good broker knows about this.

Original poster

bringmesunshine78 · 30/12/2023 14:50

@Feelinglow27 did you use a broker or shop around yourself? I was hoping by staying with HSBC Id save money but interesting you found a better deal and they took you with one month payslip too, who was it with? Hope you're feeling better by the way (username). x

OP posts:

Swizzel · 30/12/2023 18:07

I was once in a similar situation OP, and found that Nationwide were willing to take into account my income from tax credits and child maintenance payments. His name still being on the mortgage was the final tie I had to my ex-husband, and boy was he pissed off when I pulled that rabbit out of my hat! I hope that you are successful in getting yourself a mortgage in your name only.

Feelinglow27 · 01/01/2024 04:37

Iwould have preferred to stay with HSBC as it would gave been easier but they wouldn't lend me enough for the transfer of Equity I only then tried Yorkshire Building Society as I'd been with them before, if they hadn't accepted me I would have then tried a broker. Your should be able to find a fee free one - moneysavingexpert will probably have advice on this. Good luck!

BTW the transfer of Equity/deeds will need a solicitor involved as others have said, but YBS is arranging all that as part of the re-mortgage.

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