Stuck on a mortgage with parents and I WANT OFF Help please

VeeMidknight

Hi my name is Vee

I am curently stuck on a mortgage with my parents and I want my name taken off! I dont know how to do this please help I would appreciate any advice!
TIA vee

Annisele

Can your parents afford the mortgage on their own? (I mean in a lender's eyes, not in yours or theirs).

If they can afford it on their own, then the process of removing your name is relatively easy.

If they can't afford it on their own - either with your existing lender or a new one - then the only way you're going to get off the mortgage is to get the house sold and the mortgage repaid.

Do your parents know that you want your name off their mortgage, and what do they think about the plan? Do you live with your parents? How much do they earn, and how old are they? How much is the house worth, and how much is the outstanding mortgage?

You don't have to answer all of those intrusive questions on a public forum, but you'll need to know the answers yourself in order to choose the best way forward.

VeeMidknight

Yes my parents can afford the payments ermmm I am pretty green behind the ears if truth be told! I went into the Mortaga over 10 years ago and thought that I'd never get married have kids etc! Well I have got married and I do have kids!
They have known for some time that I wanted off the mortgage but dont want me off! Now is the time for me to come off as i live in Germany with my hubby in the forces and we have just found out that he is for redundancy so I am now scared that when we go back to England we will have no where to live and I wont be able to get a council house coz of the mortgage in my name and if we wanted to buy it would be higher price that we would have to pay coz there is also a buy to let in my name ruddy nightmare, I really dont know what to do or where to go etc! The story is forever! The house is worth alot more since we bought it not sure of price my reckoning outstanding is approx £50-60 grand maybe 70
Please help!

Annisele

Ah, so this is a buy to let? Not your parents' residential home? Do you receive any part of the rental income?

Why don't your parents want your name removed? (That's another question you don't have to answer on a public forum, but that might be helpful for you to think about).

Ultimately, if your parents won't agree then you may be looking at court action. All I can say there is - go see a solicitor. However, assuming your parents can afford for you to be taken off the mortgage, persuading them to agree is likely to be much cheaper than going to court.

(You won't necessarily be able to get a council house anyway - in most parts of the country they're not easy to come by - but that's a side issue to your original question).