If there have been significant changes in your personal circumstances and you would like to remove a person from a mortgage, our team of mortgage advisors are able to help with this. We have an experienced team on hand who have been able to help people progress through what’s known as “financial separation”.
Over the years we have worked through an array of different mortgage situations, ranging from straightforward to incredibly difficult. As such, there is rarely a similar situation that we haven’t encountered at least once before. If you are in need of Specialist Mortgage Advice in Hull, we’re available every day of the week, to try and help you through any rough patches you’ve found yourselves in.
When you have a situation like this, it’s important to gain perspective and look at it from the mortgage lenders point of view. The lender will have two people contracted in, which gives them security on the property. This means that in the unfortunate event of arrears and/or repossession, they have more than one route to take when it comes to chasing for payments.
Letting someone go from the property means that they then only have one option for security, which they may be less comfortable with. Usually, they prefer that the person wanting to keep the property can afford the property in their own right based on income and affordability. The best option for you may just be to switch lenders and take out a mortgage in your sole name.
Often, in situations like financial separations, a lump sum may be also raised against the property, which would allow you to ‘pay off’ the other person tied into the deal with you. Problems do crop up, the main one being that one person may not be able to afford the whole mortgage in a sole name. There are still ways a mortgage broker in Hull may be able to help and various routes you’re able to take, such as family guarantors etc. Our dedicated mortgage team are also able to help if you would like to put life insurance policies and any home insurance policies in sole names.