Remove a Name From a Mortgage – Mortgage Advice in Leeds
Expert Mortgage Broker – Leedsmoneyman
Remove a Name from a Mortgage Help & Advice
If your personal situation has recently changed and you are looking to remove a person from a mortgage then please get in touch. Our team have a lot of experience in this area of expertise and have helped many customers during a financial separation.
Removing Someone From a Mortgage.
If you look at the situation from the mortgage lenders side, they have two people for security on the property, so if a situation like mortgage arrears or more seriously repossession occurred then they have two parties to chase for financial compensation. If they were to allow one person off the mortgage then this halves the chance they would have to see payment.
Usually, if the person that wants to keep the property can afford the property in their own right based on income and affordability this may be allowed.
Got a Complicated Mortgage Situation?
Want to Remove a Name From a mortgage?
This largely differs between mortgage lenders and this is where we can help as, during this time, it may be advisable to switch mortgage lender and get a better mortgage deal in a sole name.
Often, in situations like financial separations, a lump sum may be also raised against the property to ‘pay off’ the other party.
Problems can arise, the main one being that the income may not be large enough to afford the whole mortgage in a sole name, there are still ways we can help such as family guarantors etc.
We are also able to help if you would like to put life insurance policies and any home insurance policies in sole names.