How to remove myself from joint mortgage?

Rich_122

Hi All,

I am currently named on a mortgage with my mother and father. We took the mortgage out when buying the property 18 months ago.

I now feel I was misled into this by my parents, having expressed I would like to leave the property and come off the mortgage, they have made it clear they will not allow me to do so and that I am tied in for many years to come.

Please could someone offer advice on how I would proceed to have myself removed?

I want to leave the property but this will not be possible until I can stop making payments, I can't afford to pay for a mortgage and rent/buy another property at the same time.

I feel totally trapped and they are doing everything they can to keep me that way.

Help!

steampowered

Why don't your parents want to let you move? Do they live there?

Pixie5740

Who lives in the property?

You can't just remove yourself from a mortgage, that's not how they work. The property would either need to be sold or your parents apply for a mortgage in their names only.

Assuming it's all 3 of you, how much do you contribute towards the mortgage payments? Can your parents afford to make the full repayment themselves? Are they able to secure a mortgage themselves? (I assume not otherwise they wouldn't have asked you to go on the mortgage with them.)

If all else fails and your parents can't/won't buy you out and won't sell then you can go to court to force the sale but it will cost you.

Rich_122

I live there with my sister and one person who is renting a room. I don't know why they do not want me to leave specifically, it's an emotional/personal thing to them. Their reasons are irrelevant to me now, I just need to get out as it's affecting my life being trapped in this situation. They have more than enough financial power to afford the mortgage without me so that is a non issue.

Pixie5740

So they can afford to get the mortgage in their own names without you and they don't even live there. See a solicitor and force the sale then if you can't negotiate with your parents.

Rich_122

Pixie5740 wrote: »

Who lives in the property?

You can't just remove yourself from a mortgage, that's not how they work. The property would either need to be sold or your parents apply for a mortgage in their names only.

Assuming it's all 3 of you, how much do you contribute towards the mortgage payments? Can your parents afford to make the full repayment themselves? Are they able to secure a mortgage themselves? (I assume not otherwise they wouldn't have asked you to go on the mortgage with them.)

If all else fails and your parents can't/won't buy you out and won't sell then you can go to court to force the sale but it will cost you.

They bought the house as a way to invest their life savings, and essentially have the mortgage paying for itself with renters. The house has increased in value by almost £100,000 since purchase.

They do not live with me, and they could have got the mortgage without me but told me it was for my benefit to be included, as it would help me get on the property ladder when the time came. I did not realise at the time that they planned on keeping me tied to the mortgage for so many years that I would be in my 40's by the time I could actually leave and get my own place.

Unfortunately they are just being difficult, financially, me leaving the mortgage will not affect them, but they still will not make it easy. I really would rather avoid court!

Pixie5740

Well surely when you applied for the mortgage you knew how long the mortgage term was going to be or did you not read the paperwork?

It sounds like you've invested diddly squat but now have a share of £100k which is not bad going. There's nothing physically stopping you from leaving the property. If you no longer wish to live there then move out. Contact the mortgage lender about granting consent to let with a view to getting a buy to let mortgage further down the line. Then you can let out the room you currently occupy or the whole property, whatever really.

If you do go down this route then read G_M's guide for New Landlords.

Alternatively, as already said, you can go to court to force the sale which will take time and money.

Gilead

Did you put money into it (deposit) / have you been contributing to the mortgage or even paying rent to your parents?

If the house value has increased that significantly then you have equity in the property. Doesn't sound like a bad investment, on the contrary sounds like a good one.

Rich_122

I've been paying £600 per month for 18 months. That's about £10,800 I've paid into a property that was worth £450,000 on purchase, and is now worth £550,000 (according to an evaluation).

As far as my parents told me, my payments are not rent but directly paying off the interest of the mortgage.

To be honest I couldn't care less about the money, they can keep anything I've invested. I just need out.

Ozzuk

Why can't you afford to rent? If you are that certain you don't want anything to do with the house then move out and rent and leave your parents to sort it out. It will show them you are serious and maybe they'll remortgage it and take you off.

Forcing the house sale could cost you a lot of money, which it doesn't sound like you have go so it's a non starter. Maybe get a free solicitor consultation or paid first hour to get an idea of how big a challenge it could be.

Pixie5740

Well yes, not every penny of a mortgage payment goes to paying off the capital some of it goes to paying the interest.

You want out and you've been told what you need to do so the ball is in your court.