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Removing name from secured loan on house
captain9
Posts: 4 Newbie
Can anyone help?
My son and and his partner split last year and although the mortgage is in his sole name they had secured loans in both names on the house. He has been paying the mortgage and loans but they now want to know how to remove his ex from the secured loan?
Any help would be appreciated.
My son and and his partner split last year and although the mortgage is in his sole name they had secured loans in both names on the house. He has been paying the mortgage and loans but they now want to know how to remove his ex from the secured loan?
Any help would be appreciated.
0
Comments
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Who owns the property?
Is it in his sole name, same as the mortgage?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 -
Sorry for the delay in replying. Yes the house is solely in his name, any help would be appreciated0
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Oh nasty. I would have thought, corrected o need be, he would need yo approach th other chargees with an application to remove th other person. If it fits and the other party is happy to be removed for no money, should be the same process as if it was the main lender.0
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I don't understand how they got a secured loan in joint names, if the property is only owned by one partner. That doesn't make a lot of sense.
Anyway, the lender will only release the ex-partner from the secured loan if the remaining partner can support the payments. Given the circs that doesn't sound likely to be a problem.0 -
Some lenders in easy money days allowex this. Welcome finance im sure did. Mind uou, having a pulse was the primary pre-requsite for them.
If affordabilitu is ok on all fronts, fill your boots and apply away.0 -
MarkyMarkD wrote: »I don't understand how they got a secured loan in joint names, if the property is only owned by one partner. That doesn't make a lot of sense.
Other than liability is joint and several.
So one party is in effect securing the entire debt.
As for the secured loan it requires refinancing into a sole name.0 -
Remortgage.
Unless the secured loan company are willing to play ball, which they probably aren't.0
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