My ex-girlfriend and I shared a mortgage on a house we bought two years ago. She has now left and I am currently servicing the monthly repayments which I can’t afford. A friend of mine has offered to take on the mortgage with me. Can we do this and, if so, what do we have to do?

This situation will require a Transfer of Equity into the joint names of yourself and your friend from the joint names of yourself and your ex-girlfriend. Simultaneously, the existing mortgage will need to be transferred into the joint names of yourself and your friend, with your ex-girlfriend being released from the existing mortgage.

Start by consulting your Lender in order to obtain confirmation that this is acceptable to them and, if so, your ex-girlfriend will need to agree to the transfer of her interest in the property to your friend in return for your ex-girlfriend being released from her existing obligations under the mortgage – with your friend taking on that liability in her place.

The advantage to your ex-girlfriend is that she will then be free to apply for a new mortgage on any other property, either in her own right or with a new partner, and she will be released from any ongoing liability for the existing mortgage.

Whether her share of the property has any value, known as equity, depends on the current value of the property compared with the amount owing on the mortgage. If there is little between the two figures then I would imagine she would be happy to be released from her obligations under the current mortgage in return for her transferring her interest in the property to your friend.

Please ensure that you are fully aware of the financial consequences of any such proposals and obtain confirmation that if the Lender agrees to the transfer of the existing mortgage that this will not trigger off any Early Repayment Penalty.