change of name on mortage?

mexico32

do mortgage lenders allow you to take a name off a mortgage or replace it with another?
Are there fees involved?

jonesMUFCforever

Yes, Yes and Yes is the simple answer.
They will let someone come off the mortgage if they are satisfied that one person can afford the remaining repayments, likewise they will need to credit check anybody coming onto the mortgage and make sure that payments are affordable and finally you will be paying for solicitor's costs and your lender including Land Registry fees.

opinions4u

This involves a change in ownership of the property.

The person coming off is effectively giving (or selling?) their share to the person coming on.

A lender will typically charge £140-£300 to allow this, and will want to ensure those who will be named on the mortgage can and will meet their repayment commitments.

A solicitor bill for this should be around £250-£400 in addition to the lender's charges.

wilkster5

Sorry to hijack this thread but didn’t want to create a new one when I saw this. Story is

My now ex partner and I bought a house together last year, we paid half the 25000 deposit each, however only her name went on the mortgage as I had a default that was going to push the interest rate up by 3%. We have now split up and are still living in the same house, I have the money to buy her out, but the mortgage company wont allow us to change names (for any fees!) and if I was to get my own mortgage it will cost us £7500 in early redemption fees!

It’s due for renewal in July 09 but this is ages to be living under the same roof, and she cant move out until she has the money.

Our plan is at the moment for me to give her the money now, her move out and then in July I get a mortgage and settle hers.

But I would really just like to take the mortgage over we have now, I can easily afford it, I have no debt, full time job and earn 50K a year so shouldn’t be a problem in getting a mortgage, are the lenders just being a pian in the but, or do you think they genuinely cant change the names over.

Any help is greatly appreciated.