Buying ex out of house

[barr]

Hi All


I bought a house with my ex about 8 years ago. We have a joint mortgage , joint life insurance etc.


My ex now lives abroad and wants to be bought out of the house. We have both got remarried and she has left the country about 5 years ago.

We have agreed a figure which I will pay to her and in return I will own the house fully.

As a bit of background the house is not in negative equity as it was bought under the affordable housing scheme at the time.


The issue that I have is that we are on a tracker at the moment. I’m afraid if I talk to the bank about me taking over the payments they will try and get rid of the tracker.

As anyone had a similar experience or advice welcome J

 

[Brendan Burgess]

I have done a Key Post on the topic here

Will the bank allow me to get his name off the mortgage?

Post 3 covers your situation.

Will you need local authority approval for the transfer?

Brendan

 

[barr]

Thanks Brendan, looks like there is hope after all. The initial thread is from 2010 so hope there is still some flexibility in their attitude.

I shouldn't think the local authority will take issue if the bank agrees. I have heard they are a lot less stringent these days when it comes to affordable housing selling etc.