Splitting up and leaving the mortgage?

A reader from Essex has split up with her husband and is now worried about walking out on the mortgage.


Tony Davis, myfinances.co.uk mortgage expert from Mortgage Meadow, takes her through the problem and what it means to her finances.

Charlotte from Basildon asks:

My husband and I have split up. We have a year and four months left on our current mortgage deal. He is willing to stay in the house and I am happy to walk away without him buying me out.

I'm not sure how to go about simply coming off the mortgage.

Will we have to get solicitors involved? Is there a simple way to do this? Do you have any advice?

He earns a lot less than I do.

Many thanks.

Tony replies:

Walking away from the house does not release you from your contract with the mortgage company or automatically revokes your interest in the property.

To take your name off the mortgage you must have your lender's consent and for that to be given your ex has to meet the lender's criteria, showing that he can afford the mortgage in his own right.

If he can do this then the mortgage company consents and a solicitor can then deal with the process of changing the ownership with the Land Registry.

The process is called Transfer of Equity and is a very common transaction, speak with your lender and they will guide you through the process.

However, with the end of the existing mortgage looming you should also look at a remortgage and deal with the transfer of equity at the same time.

You will need a solicitor to act for you and also I would recommend meeting with a mortgage advisor to assess your husband's options.

If you have a question for Tony, go to the myfinances.co.uk Ask the Mortgage Expert section.

Or for more information or mortgage advice go to Mortgage Meadow.

Mortgage Meadow is an independent mortgage broker and is authorised and regulated by the Financial Services Authority