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How to get your name off a mortgage
LindsayG
Posts: 1 Newbie
I could really do with some advise!
My husband is on a mortgage with his friend, they bought the house together before we met.
13 years later my husband and I along with our 2 young children are in rented accommodation. My husband is not paying towards the mortgage he has with his friend and hasn’t for 12 years, but he name is still on the mortgage.
I would like to finally buy a house with my husband.
Can you advise me of what the process is please?
My husbands friend says that he is working on it but that has been the case for nearly a year now, and my patience is starting to wear thin!! :mad:
My husband is on a mortgage with his friend, they bought the house together before we met.
13 years later my husband and I along with our 2 young children are in rented accommodation. My husband is not paying towards the mortgage he has with his friend and hasn’t for 12 years, but he name is still on the mortgage.
I would like to finally buy a house with my husband.
Can you advise me of what the process is please?
My husbands friend says that he is working on it but that has been the case for nearly a year now, and my patience is starting to wear thin!! :mad:
0
Comments
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Husband's friend needs to apply for a mortgage, sufficient to cover the outstanding amount, in his own name.
It may be that husband's friend is failing the affordability checks to do this on his own ...:heartpuls Mrs Marleyboy :heartpuls
MSE: many of the benefits of a helpful family, without disadvantages like having to compete for the tv remote
Proud Parents to an Aut-some son 0 -
Unless the Friend is in a position to pick up the mortgage in his sole name your husband will not be removed from the mortgage short of a sale.
The Friend may have income or credit issues that may prevent him be eligible to pick up the mortgage in his sole name.
You may know him well enough to establish if he is likely to have a poor credit history, or struggle to prove sufficient 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 advice.0 -
Your husband needs to force a sale.0
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My husbands friend says that he is working on it but that has been the case for nearly a year now, and my patience is starting to wear thin!! :mad:
They should be able to find out within days if they can get a mortgage on their own or not.
They probably can't or wont. Does your Husband know what the property is worth and mortgage balance or has he seen the annual mortgage statements recently? Maybe they have got behind on the mortgage or have other debts....was this an interest only mortgage?0 -
It could also be that the friend simply has no motivation incur the effort, inconvenience, costs and fees involved in them re-mortgaging when the status quo appears to be working perfectly well for them at the moment.• The rich buy assets.
• The poor only have expenses.
• The middle class buy liabilities they think are assets.0 -
I see this all too often. Live for the moment and then issues like this crop up all the time.
Is he allowed half of the sale even though he's paid nothing towards the mortgage.
Can of worms. I don't know where to start.
Someone else will have better advice!0
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