Two names on mortgage one on title deeds?

DAT1_2

Help! The person who I am in a mortgage with does not live on the property. They now owe considerable money. They are willing and in fact want to get their name off the title deeds so it does not affect me. Will a mortgage lender allow this? I currently owe 75% of the property?

JayZed

Do you have sufficient income to meet the lender's affordability criteria for the outstanding amount?

cabbage

In order to simply transfer the title of the property from joint owners to sole owner you would need the permission of the lender. They may not agree as at the moment they have two people to chase in case of arrears and afterwards will only have one. You will also need to be earning enough to take over the mortgage on your own. Many lenders use salary mulitpliers. Ring you lender to see if you are able to transfer the mortgage into your sole name.

The other alternative is to remortgage providing you are earning enough to qualify for a mortgage in your own name. . When remortgaging you pay off your previous lender and then remortgage in your sole name with the new lender.

You will almost definitely need a solicitor as they act for the lender as well as you It costs roughly the same as it did when you bought it in the first place.

The solicitor will need to write to the other party and encourage them to get their own legal advice before signing the Transfer Deed.

I've not mentioned any financial settlement but obviously you should consider this and negotiate between yourselves. It could be that they are willing to give their share in exchange for getting removed from the financial liabilities of the mortgage. Are you happy with this?

DAT1_2

What about if we changed the % that we owe. For instance can we sign over so that I owe 99% of property and the other person only 1%???