Mortgage- ex GF - new GF query

[BOBTEE]

Hi All

So, my house was bought by myself and my now ex in 2007, she left in January 2009, I've never changed anything on the mortgage.

I'm now at a point where I'd like to remove the ex from the mortgage, add on my current gf and possibly remortgage to clear some debts.

I've never been in a situation like this so before I approach the ex or the mortgage company (Halifax), is there anything I need to be aware of, any potential pitfalls?

[mikebradford]

Pitfall = ex GF
shell want to know if shes entitled to any equity in the house
regardless she could make you life hard for a while
depends on your relationship with her thesedays

[Yell_M3]

She's entitled to half the equity in your property. Ouch!

[barryrs]

Can half of the mortgage payments you have made since 2009 be deducted from any equity assuming she hasn't contributed since?

[Yell_M3]

Don't think it matters who's paid what. But if she's joint 50/50 on the mortgage application, then she's entitled to half.

[Sarnie]

BOBTEE said:

Hi All

So, my house was bought by myself and my now ex in 2007, she left in January 2009, I've never changed anything on the mortgage.

I'm now at a point where I'd like to remove the ex from the mortgage, add on my current gf and possibly remortgage to clear some debts.

I've never been in a situation like this so before I approach the ex or the mortgage company (Halifax), is there anything I need to be aware of, any potential pitfalls?

Did she provide any of the deposit?

How much equity is in the property?

How is your relationship with her?

[BOBTEE]

Deposit was proceeds from my previous house.

Payments have all been made from my bank account and I have statements which show she never gave me a penny, right from day one.

Relationship with ex, decent enough terms but haven't spoken since Sept' of 2009 except for a couple of emails.

So, any suggestions of how to start the ball rolling? My worry about going to Halifax is they'll say as the ex hasn't been here for four years 'your mortgage is no longer valid, we'll have your keys back please!' or something to that effect!

[Sarnie]

BOBTEE said:

Deposit was proceeds from my previous house.

Payments have all been made from my bank account and I have statements which show she never gave me a penny, right from day one.

Relationship with ex, decent enough terms but haven't spoken since Sept' of 2009 except for a couple of emails.

So, any suggestions of how to start the ball rolling? My worry about going to Halifax is they'll say as the ex hasn't been here for four years 'your mortgage is no longer valid, we'll have your keys back please!' or something to that effect!

They won't do that. The first thing that they will look for is to evidence that you and the new GF can afford the mortgage. You will essentially have to apply for your own mortgage again. As long as you pass the credit and affordability checks you'll be fine.

The sticky bit is the ex GF. If she contributed nothing then she may be more than happy to just be removed. Just call or mail her and tell her you want to remortgage and that you'd like to remove her in the process if thats OK. Just because the letter of the law states shes entitled to something, doesn't mean that it's morally correct and that she is going to take you to the cleaners. I'd just approach her and make no mention of paying her anything and just go with the assumption that she contributed nothing therefore she's owed nothing....

[Magic919]

You need to get on and sort out the new mortgage. Tell the ex there will be paperwork to sign as part of removing her from the mortgage. See how she responds.

[RSoovy4]

Sarnie said:

Just because the letter of the law states shes entitled to something, doesn't mean that it's morally correct and that she is going to take you to the cleaners.

[Centurion07]

RSoovy4 said:

Sarnie said:

Just because the letter of the law states shes entitled to something, doesn't mean that it's morally correct and that she is going to take you to the cleaners.

Exactly what I thought.

[randlemarcus]

Another potential pitfall would be the new GF. Can you remortgage in your name alone, and issue your new GF with a rent book? Makes it nice and clear from the outset

[RSoovy4]

randlemarcus said:

Another potential pitfall would be the new GF. Can you remortgage in your name alone, and issue your new GF with a rent book? Makes it nice and clear from the outset

Sound advice, but right up there with "I've got AIDS" as a favourite subject for a post coital chat.

[BoRED S2upid]

If the ex was on the mortgage and paid nothing then forget all this she's entitled to 50 percent of the house and go chase her for her 50 percent per month contributions that should clear some debts for you!

[BOBTEE]

Thanks chaps, means a lot to know I have your support!

Right, gonna ring Halifax

[assumes the position]

[jdw1234]

Tell your ex the house is in negative equity and you are worried it might adversly impact things for her in the future.

[BOBTEE]

BoRED S2upid said:

If the ex was on the mortgage and paid nothing then forget all this she's entitled to 50 percent of the house and go chase her for her 50 percent per month contributions that should clear some debts for you!

Winner, she owes me ITRO £17k

Re equity, she'd be the first to admit maths wasn't her strongest suit but even she could work out there is equity in the house! Not sure how much though without a recent valuation.

[ikarl]

Why the fk would you add the new g/f on to the mortgage in this situation? I don't get it

Why don't you check if you can get the mortgage in your own name first?

[BOBTEE]

ikarl said:

Why the fk would you add the new g/f on to the mortgage in this situation? I don't get it

Why the fk wouldn't I? It's not your situation to 'get', don't worry yourself over it.

[BoRED S2upid]

BOBTEE said:

BoRED S2upid said:

If the ex was on the mortgage and paid nothing then forget all this she's entitled to 50 percent of the house and go chase her for her 50 percent per month contributions that should clear some debts for you!

Winner, she owes me ITRO £17k

Re equity, she'd be the first to admit maths wasn't her strongest suit but even she could work out there is equity in the house! Not sure how much though without a recent valuation.

Bonus!

Seriously though if the situation was you pay the mortgage and she covers all the bills she is still entitled to some equity. If it was more a case of you pay everything and she lives there rent and bill free then your more generous than most and shes entitled to jack all.