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Changing joint mortgage to individual
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Lizz369
Posts: 1 Newbie
Myself and partner have a joint mortgage which we have now had for 11 years. Our house is currently worth £220000 and we owe £70000 on our mortgage which as it stands would be paid off in 8 years.
My partner has sadly been diagnosed with terminal cancer and is currently undergoing chemotherapy as palliative treatment.
Unfortunately due to a change in job and circumstances he no longer has any life insurance or critical illness insurance so I would still be left with a mortgage and payments I can't afford when he's no longer here.
We are wanting to remortgage our property but just in my sole name so that I can extend the mortgage term to 14 years (I'm 52) therefore reducing the monthly payments and if/when anything happens to him the house and mortgage are in my name. I earn enough to be able to borrow the outstanding amount.
How easy is this to do and would lenders change from joint to individual.? Is it just a case of remortgaging?
Any advice or useful information would be much appreciated.
My partner has sadly been diagnosed with terminal cancer and is currently undergoing chemotherapy as palliative treatment.
Unfortunately due to a change in job and circumstances he no longer has any life insurance or critical illness insurance so I would still be left with a mortgage and payments I can't afford when he's no longer here.
We are wanting to remortgage our property but just in my sole name so that I can extend the mortgage term to 14 years (I'm 52) therefore reducing the monthly payments and if/when anything happens to him the house and mortgage are in my name. I earn enough to be able to borrow the outstanding amount.
How easy is this to do and would lenders change from joint to individual.? Is it just a case of remortgaging?
Any advice or useful information would be much appreciated.
0
Comments
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New mortgage application in one name with transfer of equity to remove partner from deeds.
Be careful, some lenders will have an issue with you doing this as partner will continue to live in property.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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