Removing name from mortgage

nickih6221

i lost my job and my debts got out of control and i am now on a DMP with the CCCS and everything is undercontrol again, although now my credit rating is wrecked. the debts are all in my name and i have no joint accounts or loans with my husband apart from a joint mortgage on our house. My husband has just been knocked back for a buy to let motgage that is in his name only as he is "linked to someone with adverse credit" ie me. I'm wondering if getting my name taken off the mortgage would no longer link him to me and if it is actually possible to get my name off the mortgage. My husband new nothing about my debts until recently as i was too embarassed to tell him. :embarasse Feel so bad that my stupidity is causing him problems.

kingstreet

I'm not sure you're going to find it that easy to get the association removed, but this is the process for the transfer.

The party to remain in the mortgage should approach the lender for a transfer of equity.

If the borrower's income is sufficient to maintain affordability, the lender will permit the change.

At that point, the matter will be passed to a solicitor for the transfer of equity to be completed. Once both parties have given their agreement, the leaving borrower is removed from the mortgage and the deeds to the property so they have no further interest in it.

A transfer of equity typically costs between £400 and £600 and takes upwards of two months.