In this brief guide, we are going to discuss having a joint mortgage, splitting up and getting your name off the mortgage.

Your options for a joint mortgage split up and getting your name off the mortgage:

If you have a joint mortgage you will be jointly liable for the mortgage as well with your co-borrower. This means if you stop paying the mortgage and the mortgage has arrears and ends up defaulting or leading to a home repossession then the mortgage lender will come after you as well as your co-borrower for the full mortgage balance which is outstanding until they recoup the total mortgage balance outstanding.

If you want to get your name off a joint mortgage after a split up then the mortgage lender will need to allow you to do so. 

For the mortgage lender to do this they will need to be comfortable that the remaining borrower will be able to afford the monthly mortgage repayment and repay the full mortgage balance on their own.

The remaining borrower will, therefore, have to go through the mortgage lenders mortgage affordability checks and pass these checks.

If the remaining mortgage borrower is unable to afford the mortgage on their own then they will need t find an additional borrower to replace you on the mortgage and this borrower will need to pass the mortgage lenders mortgage affordability checks to ensure they can afford the mortgage with the remaining borrower.

If you have a joint mortgage split up and you want to get your name off the mortgage then your options are as follows:

Transfer your equity

If you have a joint mortgage split up and want to get your name off the mortgage then you could simply do a transfer of equity by selling your mortgage shares to the remaining borrower.

The mortgage lender will need to be satisfied that the mortgage can indeed be afforded by the remaining borrower before approving a transfer of equity and removing your name from the mortgage.

When doing a transfer of equity you could simply sell your shares to the remaining borrower or transfer them to the borrower for free.

Force the sale of the house

If the remaining borrower does not want to buy your shares and they cannot afford the mortgage on their own but yet they are unwilling to sell the property.

In this case, you may need to force the sale of the house by going through the courts.

Sell the house

One of the easiest ways to get your name off a joint mortgage after a split up will be to agree with your co-borrower and sell the house.

Once you are done removing your name from the joint mortgage you will then find it much easier to get a new mortgage as you won’t be liable for another mortgage and your new mortgage lender will not have to consider this liability when looking at your mortgage affordability.

Need a new mortgage?

Mortgage brokers are important as they can access mortgage products from across the whole of the market in some cases.

This could be over 11,000 mortgage products. This may have some advantages rather than going directly to a mortgage lender.

A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you based on your mortgage affordability.

After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle. 

This will allow you to shop for your home easier as more estate agents and sellers may take you seriously or it will give you confidence that your mortgage is indeed a possibility before you make a full mortgage application. 

Once you have found a home you want to buy and are satisfied with the mortgage offer for your mortgage then the mortgage broker will then look to get you a mortgage offer.

This will come with a key facts illustration document which details out the features of your mortgage including how much you will pay per month.

It will also contain information on if there are any limits such as early repayment fees, or annual overpayment limits.

If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer.

Your conveyancer will manage the legal searches on the property to ensure there aren’t any issues with it.

They will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of mortgage funds, exchange contracts with the seller or their conveyancer and set a completion date with the seller or their conveyancer.

In this brief guide, we discussed having a joint mortgage, splitting up and getting your name off the mortgage.

If you have any questions or comments please let us know.

John Bate

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.