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Changing names on mortgage
jamez79
Posts: 29 Forumite
Hi, I have had my house for three years almost and am coming to the end of the fixed rate period. The mortgage was orignally taken out between my brother and I, as an agreement to help me get on the property ladder using his income to assist in the amount i could borrow. I have paid all fees, repayments etc and can afford it, but the mortgage companies wouldn't have lended the amount to me without his name on the mortgage. He currently lives with our parents but wants to start looking for his own place, which will be difficult with his name already on one mortgage.
My question is... I want to take my brother off the mortgage now so that he can look for his own place. Can anyone advise me on how i do this and what the likely costs would be? My wages have risen in the last three years (which should cover the amount i can borrow for the remainder of the mortgage) and i've never missed a payment on anything ever (mortgage, cards, utilities etc). I have all my statements to show i have been the sole payer of everything to prove i can afford it. My brother does not want any payment for his legal share of the house and is in no way reluctant to sign his name off etc. (It's nice having a brother like him, i wouldn't have my home without his help.)
Also, if i wanted to add someone to the mortgage in the future ie my fiancee, would this be more awkward than merely taking my brother off the current one?
Thanks in advance.
James
My question is... I want to take my brother off the mortgage now so that he can look for his own place. Can anyone advise me on how i do this and what the likely costs would be? My wages have risen in the last three years (which should cover the amount i can borrow for the remainder of the mortgage) and i've never missed a payment on anything ever (mortgage, cards, utilities etc). I have all my statements to show i have been the sole payer of everything to prove i can afford it. My brother does not want any payment for his legal share of the house and is in no way reluctant to sign his name off etc. (It's nice having a brother like him, i wouldn't have my home without his help.)
Also, if i wanted to add someone to the mortgage in the future ie my fiancee, would this be more awkward than merely taking my brother off the current one?
Thanks in advance.
James
0
Comments
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It might be a good idea to both take of your brother and at the same time insert your fiance. You would need to agree on how the ownership was to be shared with your fiance...0
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Would i have to apply for a new mortgage to include my fiancee or could i stick to the same one if i just removed my brother. I am looking to remortgage shortly due to my fixed period coming to an end. Thanks for the swift reply.0
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you should ideally remortgage and you will need to complete a transfer of equity. there will be legal costs involved for the TOE, and your brother will have to confirm that he has had independant legal advice as well, particularly as no money is changing hands.
think its much easier to add someone- so long as their credit rating is ok.0
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