Rooftop Mortgages.

[it`s wierd]

Hi, just a quick question about rooftop mortgages. my partner took out a joint interst only mortgage with rooftop in 2005, but has since split with the other partner named on mortgage but they refuse to remove the other guy off the morgage papers even though she has a signed solicitors letter from the ex joint partner saying he no longer is involved with the partner and was willing to leave the property and never return. oh and I would like to go onto the mortgage with my partner who i have been with for 5 yrs and are palanning to marry her, but i cant understand why rooftop wont take the other guys name off . Thankyou.

[Snoopy1948]

Re: Rooftop Mortgages.

Hi there ...

MY understanding here is that the best option would be to refinance the mortgage with another lender in your joint names. That would involve legal work between your partner and her ex with an agreed transfer of equity. I would chat this through with a recommended financial consultant ( you may pay for his time but you will then have a clearer picture of your options and whether this is possible etc ) and take it from there.

I am assuming that the mortgage is up to date? I can understand why Rooftop are insisting that the situation is status quo until the loan become refinanced. You will need to investigate if there any repayment penalties on redemption but a decent mortgage orientated independent financial consultant should cover those eventualities.

[it`s wierd]

Re: Rooftop Mortgages.

Hi Snoopy thanks for replying... you say Quote...That would involve legal work between your partner and her ex with an agreed transfer of equity. that has already been done through a solicitor he has no right to part ownership. he was not her boyfriend just a friend. my mrs does not work due to long term illness and i am her carer so we wont be able to get a mortgage. the mortgage is upto date even if its just interest only . I am just hopeing my lottery ticket comes up and i would pay mortgage off.

[Snoopy1948]

Re: Rooftop Mortgages.

Hi Snoopy thanks for replying... you say Quote...That would involve legal work between your partner and her ex with an agreed transfer of equity. that has already been done through a solicitor he has no right to part ownership. he was not her boyfriend just a friend. my mrs does not work due to long term illness and i am her carer so we wont be able to get a mortgage. the mortgage is upto date even if its just interest only . I am just hopeing my lottery ticket comes up and i would pay mortgage off.

Hi again ... Thanks for the additional info ... it does define your situation a tad more and I can understand and empathise with it. I cannot define the legal situation here but it seems that the mortgage company is hedging its bets by having two responsible parties on the mortgage deed should there be default and as you say your Mrs does not work due to long term illness so they may wish to protect their loan even more.

However, on the surface I cannot see the full extent of your concern as the ex has no claim on the title of the property ( I am assuming, I hope someone else can confirm that ) and the stability of the mortgage lies entirely in your Mrs' hands. From what you say, you are not currently in a position to refinance the loan jointly?

On another thought, perhaps it is the ex who should be concerned as he could presumably be chased should a default occurred? Has he expressed his own concerns, hence this question?