Soldato
- Joined
- 5 Jul 2003
- Posts
- 2,843
- Location
- Cheshire
Don't agree to pay anything until you have the house valued. Worth pointing out she needs to continue paying her share of the mortgage until everything is sorted too.
Mortgage Questions
- Thread starter Darey
- Start date
The part where she is removed from the mortgage and your name remains is known as a transfer of equity (TOE). If you have your Tariff of charges that was given to you as part of the pack when you took out your mortgage this will detail whether any charge will be incurred for the TOE. In my experience there is usually an admin fee for it £25-£75.
The mortgage lender will require that you still meet the criteria for the product you are on and that they deem you can afford the repayments otherwise they do have the right to refuse the TOE.
I would go to the mortgage lender first and speak to an advisor. Establish that you can go ahead with the TOE before speaking to any sols and being charged for something that can't happen.
The mortgage lender will require that you still meet the criteria for the product you are on and that they deem you can afford the repayments otherwise they do have the right to refuse the TOE.
I would go to the mortgage lender first and speak to an advisor. Establish that you can go ahead with the TOE before speaking to any sols and being charged for something that can't happen.
While I understand where you're coming from, if she sign's an agreement, to x amount of money, she can't expect more than stipulated?
+1
But you will need to apply to Santander for a mortgage in your name first, assuming you want to keep the deal you are on with them. They may of course say no and she will need to sign the mortgage deal over to you too. In effect, you are applying for a new mortgage.
Ok cheers. I'm still trying to get my head around everything. So if Santander refuse to sign over sole ownership of the house, I could try somewhere else?
This is my first house, so I'm a complete noob with this kind of thing.
Yeah you could apply to another lender just in your name, but would still need to pay the legal costs for removing her (be about £300) but most lenders will pay the standard legal costs of moving the mortgage for you if you use their solicitors.
Think about the deal you have at Santander first - Are you tied in, do you have charges to pay to come out of it, is it a low tracker rate etc.... Then weigh up if its best to stick with them or look elsewhere. If you are just on their SVR then its best to look about for the best deal for you as you will only have the sealing fee to pay (I think Santander is £295).
Think about the deal you have at Santander first - Are you tied in, do you have charges to pay to come out of it, is it a low tracker rate etc.... Then weigh up if its best to stick with them or look elsewhere. If you are just on their SVR then its best to look about for the best deal for you as you will only have the sealing fee to pay (I think Santander is £295).
She can still be a **** though. I'd prefer to owe money to a bank and cut all ties.
I would do the following to work out how much she is due back.
Work out the total amount of interest paid (money put into the mortgage minus amount the mortgage has gone down by) and split that in half.
This is the amount each of you should have paid to "live" in the house for 2.5 years.
You then need to see what her contribution to the actual paying off of the mortgage is (total amount she paid in minus the contribution calculated above) and pay that back to her with a multiplier to what the value of the property has done over the perdiod in question. eg if her contribution to capital repayment comes out at £1000 and the property price increased by 10% then she would get £1100.
By my reckonings that would be her paid off in full in a completely fair way. How you split bills etc might need to be taken into account also.
Work out the total amount of interest paid (money put into the mortgage minus amount the mortgage has gone down by) and split that in half.
This is the amount each of you should have paid to "live" in the house for 2.5 years.
You then need to see what her contribution to the actual paying off of the mortgage is (total amount she paid in minus the contribution calculated above) and pay that back to her with a multiplier to what the value of the property has done over the perdiod in question. eg if her contribution to capital repayment comes out at £1000 and the property price increased by 10% then she would get £1100.
By my reckonings that would be her paid off in full in a completely fair way. How you split bills etc might need to be taken into account also.
Booked an appointment with a mortgage advisor at Santander for next week.
I tried the mortgage calculator on their website, after doing that and reading horror stories about people with plenty of money in hand getting refused a change in the terms, I'm not exactly confident.
The only good thing is, I've no other loan's or credit cards to pay off and my credit history is clean.
Fingers crossed.
I tried the mortgage calculator on their website, after doing that and reading horror stories about people with plenty of money in hand getting refused a change in the terms, I'm not exactly confident.
The only good thing is, I've no other loan's or credit cards to pay off and my credit history is clean.
Fingers crossed.