Mortgage alone

lorraine.bailey

My son has a mortgage with Northern Rock with his ex. He would like to have her removed from the mortgage - so they can both move on. He has paid the mortgage on his own for 3 or 4 months without defaulting, but Northern Rock will not let him be sole name on the mortgage saying his income is too low.

Please advise.

_Andy_

What is his income?
How much is the mortgage balance?
What is the property value?

Ultimately if his income is too low then there's nothing that can be done (short of him getting a higher paid job)

BenL

Has he got any savings to pay towards the mortgage to bring it down to a level acceptable to NR?

This is what my girlfriend had to do when we broke up and she wanted to keep the house.

Dan_Collins_2

I am afraid unless he can support the loan they are stuck.

Could he rent it out? Keep it as an investment between them and sell it in the future?

maninthestreet

Is getting a lodger in a possiblity?

Rikki

_Andy_ wrote: »

What is his income?
How much is the mortgage balance?
What is the property value?

Ultimately if his income is too low then there's nothing that can be done (short of him getting a higher paid job)

That is the exact same position I was in.

I paid the mortgage soley in my name for eight years before it was reduced enough for me to take on alone.

It doesn't matter if you can meet the payments or not, its if your income says you could borrow the amount of outstanding mortgage you have.

herbiesjp

Is he tied in to Northern Rock? If so, how long for?

If not, other lenders may be able to help