We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Want to become a Forum Ambassador? Visit the Community Noticeboard for details on how to apply
joint mortgage
elfieda
Posts: 1 Newbie
hi
I would like your advice about taking my name off a joint mortgage I have with my ex husband. I was hoping to use my capital towards the purchase of a shared property and also to put my name on the local council housing list. To be able to do this I need to take my name off the mortgage . Unfortunately the building society with whom I have the mortgage are refusing to allow me to remove my name. Is this common practice ? What advice can you give me so that I can move on ?
I look froward to hearing from you
elfieda
I would like your advice about taking my name off a joint mortgage I have with my ex husband. I was hoping to use my capital towards the purchase of a shared property and also to put my name on the local council housing list. To be able to do this I need to take my name off the mortgage . Unfortunately the building society with whom I have the mortgage are refusing to allow me to remove my name. Is this common practice ? What advice can you give me so that I can move on ?
I look froward to hearing from you
elfieda
0
Comments
-
If your ex husband can't afford the mortgage alone, the lender will not release you. It won't reduce its chances of not being able to collect the monthly payments. The same applied if the property is in negative equity.Unfortunately the building society with whom I have the mortgage are refusing to allow me to remove my name. Is this common practice ? What advice can you give me so that I can move on ?
Your ex-husband could (possibly) remortgage to a new lender, converting to his sole name or seek another party to take your place on the current mortgage and deeds. This may be acceptable to the lender.
Failing the above, selling the property appears to be the only other option. Any negative equity would have to be dealt with in negotiation with the lender before a sale could be agreed.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Look at it from the lender's point of view.
At the moment they have two people they can chase for money if the mortgage doesn't get paid.
Why would they want to switch to just having one person they can chase for money?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards