3 names on mortgage? Can u remove 3rd name ater purchase?

rover25

Just wondering if you have 3 names on mortgage eg me, my husband and dad, is there any way to remove my dad's name after purchase. I read somewhere that u can only remove the name by refinacing but I'm not sure what this involves.
Thanks everyone:beer:

_Andy_

Would be at the lenders discretion. Why are you putting it in 3 names if you only want in two?

opinions4u

You will need your mortgage lender's agreement to removing a name from the mortgage.

Typical fee in the region of £200.

Then a solicitor will charge you a further £200-£300 for the legal work!

What reason do you have for considering this?

rover25

Thanks for the replies. Would that mean that my dad (3rd person) would be removed of all responsibility of the mortgage, if if his name was removed?
Myself and husband have a mortgage already. We are in negative equity. My mum and dad have no mortgage on their house- they own it outright, they never had a mortgage.
A couple of cheap sites have came up and we would be interested in building but fear that the banks would not touch us due to the negative equity. We would have a 5-10 % deposit for the 2nd mortgage and we thought perhaps a 3rd name on the mortgage would make it easier for us to get a 2nd mortgage.
Does anyone have any experience of this type of situation? Thank u all.