Mortgage Arrears & Removing my name

MattDolfrey

Hi there,

I currently share a mortgage with my brother. I have not lived at this property for approx. 5 years but my name is still on the mortgage. I do not contribute financially towards the mortgage (as was agreed).

He lives with his girlfriend who contributes towards paying the mortgage but her name is not attached to it.

The mortgage has gone into arrears over the last year, and I'm now looking at removing my name from the mortgage.

Firstly, the arrears, approx £1,400. If I pay them myself will I immediately be able to apply for my name to be removed from the mortgage or will I have to wait for a certain period of time before I can start this procedure?

Also, from what I understand from reading through posts on this site, to remove my name from the mortgage I have the following options:

1. My brother could become the sole mortgagee, he will be asked to prove that he can afford to pay the monthly payments by himself. Then I could remove my name.

2. His girlfriend could decide to put her name on the mortgage, and therefore I could remove mine.

3. If neither of these options work, I might have to consider getting a court order to force the sale of the house (this is a last resort and one I want to do my best to avoid).

Really I'm looking for clarification and help on this as I don't have enough experience with the above mentioned situation.

I think that either way the above situation requires cooperation from both my brother and his girlfriend.

If anyone could provide any advice or help with the following situation I would greatly appreciate it.

Many Thanks

Matt

gazfocus

I believe that in order to remove your name from the mortgage, your brother will have to make a new mortgage application, either with or without his Girlfriend. He would have to pass any credit checks and Affordability checks, but in all honesty, with £1400 of mortgage arrears to his name, I don't like his chances of being given another mortgage.

Thrugelmir

Your brother would need to apply for a mortgage in his own right. May also require his girlfriend to be party to the application in order to meet affordability criteria.

Having said this there is obviously the issue of meeting the lenders criteria to obtain a mortgage. Running up mortgage arrears suggests that financial issues may impact the application.

Forcing a sale is an expensive business. If the other party is intransigent. Best threatened but not pursued unless there's equity in the property.

Suggest you arrange to meet them and talk the matter through.

amnblog

Recent mortgage arrears will not encourage the lender to release you from your responsibility under the mortgage. (if they are not being paid with two of you responsible, how will they fair with just one)

You need to get the place sold and try to resurrect your credit file which has been trashed by this episode.

I hope you and your brother do not fall out over this.

Goldiegirl

A new mortgage is not necessarily needed.

The brother could apply for a transfer of the existing mortgage to either his sole name, or to the names of him and the girlfriend.

But the brother (and the girlfriend if applying) would need to meet the lenders current criteria and pass the lenders credit scoring system.

If there's been recent arrears, they are unlikely to be accepted.

The quickest way for you to be removed from the mortgage is for the property to be sold. As already said, you need to talk to your brother and agree a way forward.