How to take my name of Deeds & Mortgage

Irisheyes_2

My husband and I want to increase our mortgage - hopefully only on a temporary measure as we need to get some equity from our house. Our current mortgage is under 70K and the house currently worth about 360K. BUT I work freelance and so we have never ever included my salary when applying for mortgages. My husband has a staff job with a guaranteed monthly income of just over 3K after deductions.

Over the last couple of years I have hardly worked at all because we have been having the house renovated. We are now nearing completion of the renovations but need money to finish off the work properly. So for ease we've put me down as a "housewife".

We have just been refused an increase ... any kind of increase ... by our mortgage company. We can't even pay over an extended time as my husband is in his fifties and our mortgage is for the maximum 18 years allowable.

I think it's because - under the company's "40% rule" my apparent zero income plus the fact that I have debts on credit cards is pulling my husband down.

I am happy to have my name removed from the house Deeds in order for my husband to apply for a mortgage in his own name.

But would this work? Are there any other companies out there that might be good for us to try? And how do we go about taking my name off the Deeds?

betmunch

You should speak to a mortgage advisor about the options available.

From the information you have given he should just be able to remortgage to a new lender and the solicitor will sort it all out for you.

There could be any number of fees involved depending on your situation.

You should also consider a secured loan if its just a tempory measure, again sit down with a decent mortgage advisor/IFA to go through the full details.

Cheers