Getting name off a mortgage.

Luker78

Hello, help and advice needed.

My partner before we met helped her mother by being a co-signer on her mortgage so she doesn’t have to move/sell. She has since then moved out and doesn’t pay anything towards the property.

We now want to move from our two bed flat to a three bed house but we wouldn’t be able to get a mortgage as she is still on the mortgage of her mother’s house.

What options do we have? Her brother who lives there won’t go on the mortgage as he doesn’t want to lose his first time buyers. The mother hasn’t even enquired about if she can refinance.

Can she be prevented from leaving a mortgage?

Browntoa

Yes , the mortgage company can block it if the other person cannot refinance

ACG

The lender can refuse your partner coming off the mortgage if they are not happy that her mother can afford the mortgage on her own.

Maybe an alternative would be the mother doing an equity release mortgage? That can eat in to inheritance, but it might give everyone what they want now.

Caz3121

Luker78 wrote: »

Can she be prevented from leaving a mortgage?

can't just have name removed...mortgage lender would need to agree.
would mothers income alone would support the mortgage?
would she consider selling the property?

Luker78

Don’t know she won’t even bother contacting the mortgage company. It’s really frustrating and upsetting for my partner.

Mutton_Geoff

Luker78 wrote: »

Don’t know she won’t even bother contacting the mortgage company. It’s really frustrating and upsetting for my partner.

When signing a mortgage, many people don't realise that they are both 100% liable for the debt. It's not 50/50 or any other figure you might assume as your partner is no longer contributing does not relieve them of their liability.


What do you mean by "co-signer"? A joint mortgage, purchasing the property together, a guarantor? That property will need to be remortgaged without your partner before you are free to move on.

Thrugelmir

Luker78 wrote: »

Don’t know she won’t even bother contacting the mortgage company. It’s really frustrating and upsetting for my partner.

Your partner will have been added to the application to ensure that the mortgage is affordable for the mother. Unless there's been a change in financial circumstances for the better. Then in all likelihood the status quo will have to be maintained.

Is the mortgage on a repayment or interest only basis?