Remove my name from a mortgage

Can_you_help

Hi
I'm new so apologies if I'm bad at this
I have a mortgage with my sister and mother with eight years remaining -never paid into it I went on it so they could get s larger property . I now wish to purchase a property with my partner and need to remove my name - problem is my sister has a second property ( mortgaged ) and my mother is semi retired
Have tried to sell but can't sell it , can't change to a buy to let as its family that are in the property - any help much appreciated

libf

How much is outstanding on the mortgage? Does your mother have enough savings to cover it? Can you wait until it's re-paid to buy yourself? Lower the price so the property does sell?

betmunch

Have you actually spoken to a broker about your options to buy the new place?


Or are you assuming that because you are named on this mortgage that you cant have another one until you are taken off it?

Can_you_help

Hi
She doesn't have enough savings unfortunately and she won't lower the price 😡
We have looked into it but apparently I can't get another mortgage as she doesn't get enough in one and sister got too much risk with other mortgage

libf

Can_you_help wrote: »

Hi
She doesn't have enough savings unfortunately and she won't lower the price 😡
We have looked into it but apparently I can't get another mortgage as she doesn't get enough in one and sister got too much risk with other mortgage

Then I guess you need to either have a serious conversation with your family about how this is holding you back or you need to wait until the mortgage is paid off before you buy yourself.

betmunch

Can_you_help wrote: »

Hi
She doesn't have enough savings unfortunately and she won't lower the price 😡
We have looked into it but apparently I can't get another mortgage as she doesn't get enough in one and sister got too much risk with other mortgage

Why cant you get another mortgage? Who did you look into it with?


The new mortgage is based on your situation, not your mothers and sister.

Can_you_help

My situation is that I would only get a mortgage for £120 k and partner the same - spoke with a solicitor who advised that I am the only one if this mess that is 'safe' as sister has other mortgage and mother doesn't earn enough to take over mortgage on her own - if anything happened to either of them it would be me that's liable ?

Can_you_help

Thanks libf - yes had that conversation many times but to no avail ! Families eh !

libf

You can get a £120k mortgage by yourself or together with your partner? Either way, is that not enough to buy something where you're looking?

betmunch

If they cant pay the mortgage then you are still liable, you are all jointly and fully liable for the payment of the loan.


Solicitors are not qualified to give mortgage advice, so, who has said that you can only get a mortgage for £120K?


Is that £120K for you and £120K for your partner, or was that £120K between you?

Can_you_help

No it's £120 k each to buy the property we want . Financial advisor also said that I wouldn't get mortgage for this amount based on my earnings and the amount outstanding (£110k) on that house