Remove my wife’s name from the BTL mortgageMake Text Bigger
I’m in a predicament where I’m separating / divorcing from my wife. We jointly own a BTL with a tenant in place. The property has been valued at £105,000 and our outstanding interest only mortgage is £101,500. The rent is £450 per month and the mortgage payment is £190 (we got an excellent base rate tracker with the Bank of Ireland a few years ago).
I want to take full ownership of the property and pay her a few quid for her compensation. My question is this:
How easy is it to remove her name from the mortgage, would I need to refinance and would they look at my income (I’m currently not working, but that will be changing soon). I know what the situation is for a house you live in but not sure if its the same for a BTL.
Any help would be great….
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