Re-Mortgaging or name changes with Negative Equity

moneyadvisepls

We took out a mortgage on our first home 2 years ago, my partner had not qualified for her job so her father came on the mortgage with us to help us get it. He now wants to be off of our mortgage despiratly. I have tried to get this change made but Abbey - who our mortgage is with, have said that it is not possible as our home is now worth £135000, we paid £157000 and have a mortgage of £142000. So we either need to pay some capital off of our mortgage so that we can get the change made and the mortgage is only 90% of the house value (which at their calculations are £22000), or find a new lender that will lend us 100% ish mortgage.

Does anybody know if it is possible to get these type of changes administered with abbey, or if it is possible to remortgage 100% value with any lenders. We are stuck between a rock and a hard place at the moment and cant find anyway to remove my father-in law from our mortgage.

Help??

jill2002

Hi,

Abbey will allow you to remove the name on a LTV of 95% of THEIR valuation. They will not tell you what that valuation is, but will tell you what you have to bring the balance down to. Call them - you will not be able to get the information any other way.

It is possible to appeal the valuation if you think it is wrong. There is a fee of £65 so you need to be pretty sure that it is going to help. They will use the new valuation (a valuer will come out) whether it is higher or lower - so it may go against you !!!! and there is no refund of the fee if it doesn't go in your favour.

I would be surprised if you were able to get a 100% mortgage at the moment from anywhere.

Hope this helps.