Hi All,
I'm hoping one of you very knowledgeable people out there will be able to help please.
I split from my ex partner 5 years ago, we have a joint mortgage on a property which is still in place. It's in negative equity and my ex partner lived there and paid the mortgage in full.
My ex has now moved out with a partner, he has got a small mortgage with a large deposit on a house. The previous house (still in joint names with me) is now being rented out to someone they know.
Hopefully that makes sense! So, what I'm looking for is to get my name off that mortgage as I would like to buy somewhere on my own early next year. I don't want any pay off or any money from the rental income, simply my name off that mortgage.
My thought is to ask the mortgage provider if they would switch the mortgage to a buy to let mortgage in my ex's name only. My ex's income wasn't enough to support the mortgage fully in the eyes of the lender even though she had been paying it fully for 4 years (as it was at the time). So, with her changed situation due to the rental income would the lender see this as positive and be more likely to change the mortgage to BTL and remove me?
The complications are, we have a daughter together and I don't want to jeapordise her home or lifestyle in any way. Secondly, there is a secured loan against the house for around £22k, which means negative equity overall.
Any help would be much appreciated.
Thank you for reading.
I'm hoping one of you very knowledgeable people out there will be able to help please.
I split from my ex partner 5 years ago, we have a joint mortgage on a property which is still in place. It's in negative equity and my ex partner lived there and paid the mortgage in full.
My ex has now moved out with a partner, he has got a small mortgage with a large deposit on a house. The previous house (still in joint names with me) is now being rented out to someone they know.
Hopefully that makes sense! So, what I'm looking for is to get my name off that mortgage as I would like to buy somewhere on my own early next year. I don't want any pay off or any money from the rental income, simply my name off that mortgage.
My thought is to ask the mortgage provider if they would switch the mortgage to a buy to let mortgage in my ex's name only. My ex's income wasn't enough to support the mortgage fully in the eyes of the lender even though she had been paying it fully for 4 years (as it was at the time). So, with her changed situation due to the rental income would the lender see this as positive and be more likely to change the mortgage to BTL and remove me?
The complications are, we have a daughter together and I don't want to jeapordise her home or lifestyle in any way. Secondly, there is a secured loan against the house for around £22k, which means negative equity overall.
Any help would be much appreciated.
Thank you for reading.