Due to a change in some of your personal circumstances, you may find yourself looking to remove a name from your mortgage. This isn’t always an easy process. We have an experienced team to help you with the process of getting either your name or someone else’s, removed from your mortgage.
Many will first apply for a joint mortgage when they look at buying a house, as it can mean they might have a higher chance of being approved, however, circumstances can change over time. Below are a selection of reasons as to why this might happen and what you can do about it.
One circumstance we unfortunately encounter quite a bit, is a customer in need of removing a name due to divorce or separation. This of course will have significant consequences to any finances that you have built up together and can be difficult to fix.
As such, this needs to be a priority. Leaving it for too long can lead to this becoming much more stressful than it ever needs to be. Things take time and your mortgage lender will need to make a decision on what is going to happen, as they will be losing financial security.
Your mortgage lender or building society will need to be absolutely sure that the remaining homeowner can in fact keep up their mortgage payments by themselves. After all, they will be going from two potential sources if payments are missed, down to one.
Both parties must absolutely agree for a name to be taken off a mortgage. This means that if one party says no, you’ll be required to go down the route of court proceedings, which can be costly and incredibly time-consuming.
By getting specialist mortgage advice in Leeds if you are going through a difficult divorce or separation, you can rest assured that at the very least, the mortgage side of everything can be dealt with, leaving you with much less stress than you already have.
Transferring a mortgage and property is a surprisingly a fairly straightforward process, especially if you enquire the services of a mortgage broker in Leeds.
The way it works, is the homeowner will transfer the equity to their family member or friend. The mortgage will get transferred to their name, with the equity remaining inside the property.
It does mean that the new homeowner will need to show that they can afford a mortgage, as well as being able to pass their mortgage lenders affordability and eligibility assessments.
If you bought jointly and one party is not paying their share, it can be quite problematic. As a mortgage broker in Leeds, we have come across this situation many times and is usually due to a disagreement amongst people involved financially with the property.
By signing up for a mortgage with multiple names, you are trusting that everyone is going to be keeping up with all of their payments. One of the party making any missed payments can have a negative effect on your credit rating and score.
If you are in this kind of circumstance, it may be best to approach your mortgage lender directly. Another option you have is to get in touch with a professional mortgage advisor in Leeds, for mortgage advice in Leeds, to keep on top of everything.
If you are looking to remove a name from a mortgage, it’s important that you speak with an expert mortgage broker in Leeds as soon as possible, to ensure the smoothest transition. Obtaining specialist mortgage advice in Leeds will definitely be of use to you.
Prior to going ahead with the process, whoever will be the remaining party will need to show that they are to live comfortably with one income. This can be a difficult part of the process, especially if the other party is refusing to have their name taken off.
Our specialist advisors in Leeds are available 7 days a week to provide a helping hand through your mortgage process.
Last edited 12/12/2022