Stu_22
Member
Registered: 25th Mar 02
Location: Luton
User status: Offline
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I helped my sister and boyfriend buy a house but now she has decided to kick him out. We were all equal partners I think he will agree to leave
We got one of the last 100% interest only mortgage so there is nothing owned to share out or buy him out
Main question will be how will the bank view it when it comes to changing the names on the paperwork. With slightly less spending power but its a pretty low monthly payment so the two of us we can still afford it
Anyone else been through something similar?
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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It's not that easy; your only benefit beig that there's still two of you at least. When I broke up with the ex; she wanted no equity out of the house so whilst the transfer of equity was straight forward; the mortgage was less so. At the time, I had an LTV above 85% but as I was a single person on the deeds, they would only lend to me if I had an LTV of less than 85%; I ended up paying a huge capital repayment to do so on top of the solicitors fees, land registry and searches. All in; it probay cost me £5K
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Rob_Quads
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Registered: 29th Mar 01
Location: southampton
User status: Offline
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Even though the mortgage is 100% then it doesn't mean there is not a +/- figure. If its 3/4 years ago you might find the market has gone up a little. Ours has gone up around 5/10K in that time...or it might have gone down so technically your in negative equity and then he needs to pay to get you out.
As Lee says - The getting it done side is easy, just need the solicitors, the money side to allow it can be the tricky one. You might be forced to re-mortgage which could incur a penalty, it may result in you having to get mortgage at a worse rate..and more importantly you are very very very unlikely to get another 100% one
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gazza808
Member
Registered: 30th Jun 08
Location: Peterborough
User status: Offline
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currently doing the same thing with my sister,
they wont just take her ex off the paper work having to apply for an entirely new mortgage.
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Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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See I was different. Just paid a fee for amending the docs at mortgage side and same again for solicitor.
Kept same mortgage product etc just reissued in one name.
That's because I could meet the lending criteria though.
[Edited on 21-06-2013 by Toby]
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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I couldn't do that as my fixed term mortgage was up at the same time; it was easier to effectively sell the house to myself by way of starting afresh with the land registry so even though I technically have owned the house for 6 years, it shows up as being sold 2 years ago
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