taking someone's name off a mortgage

Smitchy

Hoping someone can help as this is a tricky one.

Me and my partner have a joint mortgage. We are relocating to a new city. He already has a job but I can't get one till we relocate. We need to borrow more money on our mortgage but they won't lend us what we need because I am not working at the moment. They will lend us enough just based on my partners income, so we need to take off my name to borrow the money. Then when we have moved and I am working put my name back on. Is this even possible? We don't want to pay out to remortgage, we aren't splitting up and dont need to transfer deeds etc. Once I have found a job I need to be put back on the mortgage. We are banging our heads against the wall right now. Nationwide have been less than helpful and there is a three week waiting time to even see an advisor!

Any advice would be great, thanks

kingstreet

You can't remove a party from a mortgage, without their removal from the property ownership at the same time.

What exactly are you trying to do here? Aren't you selling your current property?

Smitchy

Well yes, I will come off and not jointly own it, I know that part.

We are selling in one city and relocating elsewhere. We need to borrow more to upsize property but they won't lend us what we need because I haven't got a job right now. They will lend us enough if just my partners name is on the mortgage. We need to know if my name can come off. Then be added back on when I have secured a job. We don't want to pay out all the fees to remortgage, we want to keep the same mortgage

amnblog

What happens if you don't get a job?

Why can you not rent for 6 months.

Thrugelmir

Even if you are not named on the mortgage application. Your lack of income will have a bearing as you are financially dependent on your partner. Also it will your share of the equity in the current property that will provide part of the deposit on the new property. Which gives you a financial interest even if you are not named on the mortgage or the deeds. Something lenders will be extremely uncomfortable with for various reasons.

Smitchy

amnblog wrote: »

What happens if you don't get a job?

Why can you not rent for 6 months.

I can't imagine not being able to get a job. I have 20 years experience in my field.

We could possibly rent but house prices are going up so quickly that in six months time we would have to try and borrow more.

We have a good mortgage with a low rate, hence why we want to hold on to it.

We have over paid each month for years, we have never failed to pay but they don't want to help us, computer says no and that's it. It's very frustrating

kingstreet

Right. So you are selling your current property and trying to get a new mortgage with Nationwide, so you can port your current rate to it.

In which case, you do not want a name removed as the current joint mortgage will be repaid on completion of your sale.

Your partner needs to apply for a new sole mortgage for a sole purchase, but this will cause you problems as;-

Nationwide don't like such applications where there is a dependent spouse/partner
and
lenders will not be happy if you are contributing to the deposit and will be living in the property but will not be party to the mortgage and ownership.

You may wish to discuss with a broker if Nationwide can't help. However, AMN's suggestion to rent for a period may be a useful option as it is likely you will lose your Nationwide rate whichever route you choose.