How to Remove a Person from a Mortgage?
How to Remove a Person from a Mortgage? By Hullmoneyman
Removing a person from a Mortgage can prove to be difficult –
It’s not as straightforward as you think –
We may be able to help…
If your personal situation has recently changed and you want to remove a person from a mortgage, we can help.
We have a lot of expertise and have helped many customers during a financial separation.
Removing a person from a mortgage is not as easy as it sounds!
If you look at the situation from the mortgage lenders side, they have two people for security on the property. So if a situation like mortgage arrears/repossession occurred they’d have two parties to pursue.
If they were to allow one person off the mortgage, this halves the chance they have to see payment.
Usually, if the person that wants to keep the property can afford the property in their own right based on income and affordability this may be allowed.
It may be advisable to switch mortgage lender and get a better mortgage deal in a sole name.
Often, in situations like financial separations, a lump sum may be also raised against the property to ‘pay off’ the other party.
Problems can arise, the main one being that the income may not be large enough to afford the whole mortgage in a sole name, there are still ways I can help such as family guarantors etc.
I am also able to help if you would like to put life insurance policies and any home insurance policies in sole names.