taking a name of the mortgage deeds

riquelme

got myself in some financial difficulties

barclays -£3600
abbey cc - £8000
tesco loan -£8500
mbna cc -£3000
citi cc -£1000

i am in the process of taking my name of our joint acount

and was wondering whether it makes sense to take my name off the mortgage with nationwide as i dont want to rick our family home. ive told the wife, shes hit the roof and worried about the house.

is this a necessary decision , sensible or should my debts affect the house, none of the loans are secured against us

any help is gratefully received.

silvercar

The lender will only allow you to remove your name if your wife has sufficient income of her own to justify the mortgage size.

You would also have to put the house in your wife's sole ownership.

That would then prevent (I think) your creditors putting a charge on the property. If you actually went bankrupt, the official receiver has the power to investigate transactions in the last 5 years to see if money (equity) that should go to creditors has been moved away.

riquelme

are any of those creditors likely to do that bearing in mind our mortgage is with nationwide? im currently waiting for an interview with cccs and could be on a DMP. im desperate for thisnot to affect the house any reassurance is gratefully received

silvercar

riquelme wrote: »

are any of those creditors likely to do that bearing in mind our mortgage is with nationwide? im currently waiting for an interview with cccs and could be on a DMP. im desperate for thisnot to affect the house any reassurance is gratefully received

Ask on the debt-free wannabe board.

If your wife doesn't have sufficient income of her own to justify the size of your mortgage its a non-starter.

_Andy_

riquelme - if you can let us know the mortgage amount, property value and wife's income we'll then be able to see it's going to be viable.