Help - Removing a name off the mortgage

Helpimafish

The building society is the Shepshed - the person i saw say its something to do with having taken out the mortgage & years ago and protecting our rights?!!?? something to do with it originally being a non regulated mortgage but now they are regulated.?? i'm v confused indeed!!

Thrugelmir

All Mortgages only became "regulated" on the 31st October 2004 (under the jurisdication of the FSA). So quite possibly you do have a unregulated mortgage contract which is why your lender has advised you accordingly.
In that you will now to take out a regulated contract to effect the transfer of equity. As the lender is unable to retain you on the one you are currently on.

GuidoT

The lender would be very eager to get you off that deal, new law is palpable nonsense.

I had to do something similar with the Cheshire and there was no new mortgage required, they (with the help of a solicitor) just removed the persons name off the mortgage and the deeds. It probably helped I was on a rubbish deal of 6.24% fixed, but that then shortly reverted to their SVR which is 2.5%, not sure they were astute enough to realise this at the time.

If your lender is not playing ball then I think you will have to sit tight and move once your present deal becomes a bit rubbish.