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Can we change the names on our mortgage from 2 to one person?
werdas
Posts: 72 Forumite
Can we change the names on our mortgage from 2 to one person?
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Comments
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At the lender's discretion yes.0
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The lender will want to see that the remaining party can afford the mortgage (if they are to release the other from their responsibilities).
Even if the one person "has been paying the mortgage", the lender won't agree it without enough income.
Expect a smallish lender charge of about £150 if agreed (this is quite quick) - but a MUCH longer (with higher costs) time span from your solicitor.
Most lenders will insist that the name on the land reg (deeds) match the name on the mortgage to ensure that in the event of repossesion there are no arguments.0 -
You may be liable for some stamp duty (depending on amounts involved) as you are effectively transferring half the equity from one person to another.0
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