The process of removing someone from a mortgage can often be quite tricky, but with the help of a dedicated mortgage advisor in Leeds, you’ll hopefully be one step closer to peace of mind.
If your circumstances have recently changed and you are looking to remove a person from a mortgage, then please contact a mortgage broker in Leeds. Our experienced team has a lot of industry knowledge regarding this area of expertise and has assisted many customers during a financial separation.
Although quite complex, it isn’t necessarily causing for concern. If you look at it from a mortgage lender’s perspective, they have the financial security of two people who are fully capable of paying for the property. If mortgage arrears or repossession became a factor, they would then have two people to chase. If they were to allow one party to leave the mortgage, then this halves the chance they would have to see payment.
Generally speaking, so long as you can prove that you can afford the property as a sole borrower, the lender would be more inclined to allow removal from the contract.
The scenario can differ between mortgage lenders and an area where we can try and help. During this time, something that may be advisable is to switch mortgage lenders and get a better mortgage deal in a sole name. This is particularly the case if you are having mortgage problems. Our specialist advice in Leeds may be able to relieve some of your stress.