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Removing person from mortgage and lease?
donttaxme
Posts: 18 Forumite
Hello,
I purchased a property with my brother 2 years ago (2 bedroom part freehold flat).
The 2 year fixed term mortgage is coming to an end and my brother no longer wants to be part of the mortgage or lease as he only initially put his name on to help me out on the income requirements which I can now cover with my own income.
Can someone advise what steps are needed to achieve this?
I purchased a property with my brother 2 years ago (2 bedroom part freehold flat).
The 2 year fixed term mortgage is coming to an end and my brother no longer wants to be part of the mortgage or lease as he only initially put his name on to help me out on the income requirements which I can now cover with my own income.
Can someone advise what steps are needed to achieve this?
0
Comments
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His removal from the mortgage or for you to remortgage to a new lender in your sole name and a transfer of equity to be completed by a solicitor. Cost normally totals £600.
What do you mean by part freehold?
Do you and your brother own part of the freehold of the building?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 -
Speak your lender about taking over the full liability, you may well have to submit another application. Then use a conveyancer.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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