Taking my name off the mortgage.

brickman0430

Hi all, i hope this is a simple question, but how hard/easy is it to take my name off our mortgage? so that the mortgage is only in my partners name, i knowit sounds a silly question, but we want to either ask for a further advance on our mortgage or re-mortgage, and my credit rating is absolutely terrible, whereas hers is squeaky clean. Also, if we put the mortgage in my partners name only, will i still be associated with it?
Any help would be greatly appreciated.

Lindy_Loo_3

Don't know the answer but can offer my experience:

We wanted to get a mortgage in only my OH name for exactly the same reason; despite the single application, we were advised that anyone living at the property over the age of 17 would be credit checked even if they weren't going on the mortgage (me). My credit check subsequently caused the application to fail.

I'd assume that seeing as you already have a mortgage together you have clear financial links so if your partner were to remortgage without you, they'd still run the checks on individual's that they are financially associated with (you).

Hope this helps a little

brickman0430

Thanks lindy loo for your reply, i kind of suspected as much. Do you know if the mortgage company (in this case, Barclays) would run a credit check if we simply asked for a further advance on our mortgage? present mortgage is £46,000 and property is worth £160,000-£170,000 we've had this mortgage for 11 years, never missed a payment or been in arrears.

Conrad

Barcalys will treat it as a brand new mortgage, which legally is exactly what it will be.

The FSA that regulates mortgage lenders, requires the lender to ALWAYS ensure and check the mortgage is affordable.

This then menas your partners income needs to be sufficient to cover the full debt.

They might not seek proof of income - one can never predict these things.

Once a basic agreement in principle is passed, it then goes to real Human underwriters (not just staff you might speak to initialy).

They might have an issue with your credit rating. They would expect to be transferring to a single name only where a couple are splitting up. Proof of the separation might be requested, but is not usualy.

brickman0430

Thank you conrad. I just wish i knew an easier way to release some of the equity in the house.Does anybody have any advice/ideas?