Names on a Mortgage

dingoandthebaby

I bought current house with my father and mother 9 years back (big enough to live seperately fortunately!). The mortgage for it was taken out with all our names on it to make everything fair. Recently they divorced and my father is now emigrating soon. The Nationwide mortgage we have was originally fixed rate but since then that ran out and reverted to 2.0% above base rate (great at the moment). I need to remove his name from the mortgage and transfer the bank where payment is taken out to mine, can I do this without going throiugh the whole remortgaging process as I don't really want to lose the current deal!, also what are the obstacles I'm likely to face?

VIGILANT22

The people remaining on the mortgage will have to go through an affordability test to ensure it is finacially viable for Nationwide to allow you to take on the mortgage...Are you having to buy your father out?...If not and they approve you would just remain on the same rate......

Thrugelmir

Your mother also has an interest in the property.

You'll need her agreement as well.

dingoandthebaby

All parties are in agreement and it's amicable, where would I stand with leaving him on it but just changing the bank the money comes out of?

happybroker

dingoandthebaby wrote: »

I bought current house with my father and mother 9 years back (big enough to live seperately fortunately!). The mortgage for it was taken out with all our names on it to make everything fair. Recently they divorced and my father is now emigrating soon. The Nationwide mortgage we have was originally fixed rate but since then that ran out and reverted to 2.0% above base rate (great at the moment). I need to remove his name from the mortgage and transfer the bank where payment is taken out to mine, can I do this without going throiugh the whole remortgaging process as I don't really want to lose the current deal!, also what are the obstacles I'm likely to face?

if you ring Nationwide they will take you through the process which is pretty straight forward should you and Mum fit their criteria. Assuming his name is on the deeds you will also need a solicitor.

dingoandthebaby

My only concern is that Nationwide attempt to get us onto one of their fixed rates which won't be as competitive as our current deal!

VIGILANT22

just say no......

dingoandthebaby

I won't be under obligation to take it then as the details have been changed.

KarenBB

OH discussed putting me on the mortgage with N'wide a few years back the process is called a transfer of equity (add a name or remove a name) and you had to go into a branch to do it. I've had a look on their website and now you can just print a form off and send it to Nationwide to apply with a cheque for £150 (I'm sure it was free when OH enquired). A credit check and affordability is done for whoever wants to be on the mortgage so in this case you and your mum. You could use the check on their website to check your affordability to get an idea if they'd let you and your mum have the mortgage in your names before sending off £150. It's ony changing the name not the product so no reason for you to have to come off the rate you're on.

You can change the account the dd's taken from just by calling them.

dingoandthebaby

So if I was to just change the bank but kept current mortgage with his name still on it, when I came to remortgage in the future if I only applied with myself and my mother would there be any issues with him still being on the current mortgage? (Just trying to avoid them getting £150 of our money!).

VIGILANT22

Your father would have to give permission for the remortgage