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Removing person from joint Mortgage.
cherrybee5
Posts: 3 Newbie
I own my own home outright (by myself), which is currently rented out, as I am living elsewhere.
I also own a buy-to-let property with my ex-partner which is also rented out. He now wants me to remove his name from the buy to let mortgage. I don't have 'regular' work as I use the income from my home for most things. So wouldn't just be able to take over the mortgage. Will I just be able to use my home and its income to justify having the mortgage alone? Hope this make sense!
I also own a buy-to-let property with my ex-partner which is also rented out. He now wants me to remove his name from the buy to let mortgage. I don't have 'regular' work as I use the income from my home for most things. So wouldn't just be able to take over the mortgage. Will I just be able to use my home and its income to justify having the mortgage alone? Hope this make sense!
0
Comments
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You need to contract a broker to assist you with this.
Changing the BTL from joint to sole shouldn't be an issue, but your broker will be able to find a suitable lender that will be comfortable with the structure of your household income.I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, 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 advice0 -
cherrybee5 wrote: »Will I just be able to use my home and its income to justify having the mortgage alone?
Affordability will determine how much if any can be used against the mortgage. Lenders have a legal responsibility these days. You need to weigh up if taking the property on yourself makes financial sense.0
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