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Removing Name from Joint Northern Rock Mortgage
bungee316
Posts: 22 Forumite
Hi,
I have a joint mortgage with Northern Rock for £50,000. Myself and my flatmate have been paying this for just shy of 3 years. I am looking to move out and I want to simply remove my name from the mortgage and sign it over to my flatmate. I know i can do this if he finances as if it were a new mortgage and he seems pretty confident he will be able to do so given his income which I am not entirely sure what it is but I suspect it is in excess of 19k.
If he re-finances will we need to get a survey or valuation carried out and if so what would happen if the property was valued at less than the amount still owed ? Or is it a simple as transferring the cost of the debt to him as a "new" debt.
Are there any other potential problems that could crop up except from him not being accepted for the finance on his own ?
I have a joint mortgage with Northern Rock for £50,000. Myself and my flatmate have been paying this for just shy of 3 years. I am looking to move out and I want to simply remove my name from the mortgage and sign it over to my flatmate. I know i can do this if he finances as if it were a new mortgage and he seems pretty confident he will be able to do so given his income which I am not entirely sure what it is but I suspect it is in excess of 19k.
If he re-finances will we need to get a survey or valuation carried out and if so what would happen if the property was valued at less than the amount still owed ? Or is it a simple as transferring the cost of the debt to him as a "new" debt.
Are there any other potential problems that could crop up except from him not being accepted for the finance on his own ?
0
Comments
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If there is negative equity there could be a problem................................I have put my clock back....... Kcolc ym0
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In what way ? And how would i know if there was ? Would they ask for a survey to be done ?0
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