Remove my wife’s name from the BTL mortgage

Remove my wife’s name from the BTL mortgage

9:18 AM, 6th May 2015, About 8 years ago 14

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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). Remove my wife's name from the BTL mortgage

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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Mark Alexander - Founder of Property118

14:01 PM, 6th May 2015, About 8 years ago

Reply to the comment left by "Nicola Everden" at "06/05/2015 - 13:16":

I understand your concerns but if CGT is likely to be an issue (12 month rule) then removing names from deeds/mortgages will trigger the CGT liabilities. There are, however, checks and balances that you can both have in place to minimise the risk and maximise protection.

Take a look at this page >>>

Neil Robb

21:19 PM, 9th May 2015, About 8 years ago

Hi Nicola

I understand things are tight and it just seems money out. I have been a member of P118 for a few years and Mark Alexander has helped and given many people in your situation great advice but I have really learnt a lot for this forum and Mark.

You might think Mark is there to take money from people that really is not the case. I believe he will save you and your husband far more, than it will cost you.
Mark has been where you are and really understands how important it is to get it right.

What you might find is when you try and contact certain banks and building society's they may refuse or call in mortgages which would be a night mare.

The fact the husband has no job and on a low fixed rate above the base rate the bank will use this to change the rates.

Other than learning from this sight and listening to the advice given by Mark and his connections. I have nothing to gain by endorsing Mark Alexander for his knowledge.

I hope you find this helps and you use his knowledge

8:30 AM, 10th May 2015, About 8 years ago

Reply to the comment left by "Mark Alexander" at "06/05/2015 - 14:01":


The divorce is fairly acrimonious and so he won't agree to paying another consultant. Once I know which properties I am having can I instruct you on my own behalf or is that a bit like shutting the stable door once the horse has bolted? Some of the mortgage terms are very short so I will need to remortgage and that gets him off my mortgages but I am keener to be taken off his. I hold all the paperwork so I have all the details perhaps you would be able to help me at this point?

8:32 AM, 10th May 2015, About 8 years ago

Reply to the comment left by "Neil Robb" at "09/05/2015 - 21:19":


I have had dealings with Mark over the past 18 months and there is no way that I think Mark is out to take money from people. The divorce is acrimonious and my husband won't agree to paying out but hopefully it won't be too late for Mark to help me out once I know which properties are going to be mine.

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