Beneficial interest

custard_cream_3

I have a joint mortgage with my wife, and because of the collapse in house prices, my beneficial interest is likely to be very little making it feasible for my wife to buy it. However, I notice on the insolvecy website that the mortgage company has to agree. Is this likely to be acceptable? My wife earns nowhere near enough to meet the lending criteria, but we're not behind with the mortgage nor will struggle with it (I hope).

Also, does the mortgage remain in joint names, or just transfer solely to hers?

Queen

I understand from all the advice that I have received that it does not effect the mortgage and relates to future equity, we are both go BR and my son will hopefully but BI, the mortgage will stay in our name's but BI will protect future equity and after 3 yrs we will just buy BI back for approc same amount this is what I have been advised buy other posters and insolvency.gov

Good Luck

custard_cream_3

I like that answer - thank you!