get out of joint mortgage

abertawe1

hi all ,i have a joint mortgage with my son who is finding it hard to find the money for the payments is there anyway that he can get out of the joint mortgage at all thanks.:)

Yorkie1

The only way he can be released from the mortgage is for you to take it on on your own. The lender would have to do an affordability assessment on your income etc, to assess whether it is willing to let you take the mortage on.

If the lender will not let you take it on alone, the alternative is to find another person who could apply with you to take on the mortgage (they would also have to be on the deeds, and your son relinquish his title to the property), or to sell the house.

abertawe1

thanks for the info .:beer:

kingstreet

As this is a joint and several liability, you become responsible for the full payment if he is unable to pay.

If you carry out a transfer of equity to remove him from the mortgage and the property ownership, you will be taking it on alone if you have the income to convince the lender it is affordable.

The end result is the same. The responsibility falls on you.