Changing names on a mortgage

lisacaton1980_2

Hi to cut a long story short my husband inherited a share of our house and due to me only working on a temp part time contract his sister applied for the mortgage with him. We've had the mortgage nearly 8 years and we would like to take his sister off and add me on instead. We have never missed a payment and his sister has never paid anything, just been a name on the mortgage.

How do we go about doing this? Do we need to apply for a new mortgage?

Thanks

xyz123

U mentioned ur husband inherited share of house. Who does the other share belong to, the sister? In either case, is she willing to give up in her share without any issues?

lisacaton1980_2

He inherited 1/5 and we bought out his uncle and dad's share. His sister is his half sister and didn't inherit any of it.

xyz123

lisacaton1980 wrote: »

He inherited 1/5 and we bought out his uncle and dad's share. His sister is his half sister and didn't inherit any of it.

So ur husband got 3/5 of the house. Who owns rest 2/5?
Has half sister agreed to this transfer? Have you confirmed you can afford mortgage between you and husband (this needs to be demonstrated on paper and not just to say we have done it for last 8 years...)

Conrad

lisacaton1980 wrote: »

Hi to cut a long story short my husband inherited a share of our house and due to me only working on a temp part time contract his sister applied for the mortgage with him. We've had the mortgage nearly 8 years and we would like to take his sister off and add me on instead. We have never missed a payment and his sister has never paid anything, just been a name on the mortgage.

How do we go about doing this? Do we need to apply for a new mortgage?

Thanks

You could apply to existing lender to have you added and her removed. This is still like a full application as for all they know you are a crazed person that has huge debts. The fact the mortgage has been paid so far is not relevant to your application.

lisacaton1980_2

we bought out both his dad and uncle's share of the house. mortgages make no sense to us so think we may need to go and speak with an expert