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Mortgage dilemma
suraj4utd
Posts: 8 Forumite
Hi
Basically I own a house with a family relative and the mortgage is on joint name.
We've had a relationship breakdown and she is currently living their with her 2 children. She is paying the mortgage now.
I am looking into buying my own house and I need my name taken off from the house and mortgage.
As she is only working part time I don't believe she will be able to get a mortgage on her own name.
Can somebody please suggest what options do I have and how can I get my name removed from the mortgage. I don't want any money for the house just want my name taken off.
Basically I own a house with a family relative and the mortgage is on joint name.
We've had a relationship breakdown and she is currently living their with her 2 children. She is paying the mortgage now.
I am looking into buying my own house and I need my name taken off from the house and mortgage.
As she is only working part time I don't believe she will be able to get a mortgage on her own name.
Can somebody please suggest what options do I have and how can I get my name removed from the mortgage. I don't want any money for the house just want my name taken off.
0
Comments
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Someone else will have to replace you, or the property will have to be sold.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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You have to get the lender to agree to your name being removed from the mortgage.
The other party would have to agree to this as well
You could jointly approach the lender and enquire about a Transfer of Equity to remove you.
You don't say how much the mortgage is - if it's a low mortgage debt, it may be affordable on a part time incomeEarly retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
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If they don't agree to sell the house and can't get a mortgage on her name. What options do I have?
thanks0 -
As I said earlier, another borrower to replace you.
Then you have none, other than to force a sale via court order.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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