De-Linking from a Mortgage

colinairey

Hi.

Can anyone tell me if it is possible for me to de-link myself from a mortgage if I still have a secured loan attached to the house in my name?

If so, how do i go about it?

Thanks

Goldiegirl

You can be removed from a mortgage by way of transfer of equity.

An application would need to be made to the 1st mortgage lender - this would be subject to the approval of the 1st mortgage lender , and the agreement of the other parties to the mortgage. The lender would have to be satisfied that the remaining borrower could afford the mortgage by themselves.

As there is a 2nd charge on the property ( the secured loan), the 2nd charge holders permission would also have to be given.

As it stands, they wouldn't give their permission. If you are removed from the 1st mortgage, you are also removed from the Title of the property. So as you would no longer own the property, they would lose the security for their personal loan.

You really need to get rid of the personal loan to stand a chance of being removed from the 1st mortgage.