The process of removing someone from a mortgage can often be quite difficult, but with the help of a dedicated mortgage advisor in Leeds, you’ll hopefully be one step closer to peace of mind.
If your individual circumstances have recently changed and you are looking to remove a person from a mortgage then please get in touch with a mortgage broker in Leeds. Our experienced team have a lot of industry knowledge when it comes to this area of expertise and have assisted many customers during a financial separation.
Although quite complex, it isn’t necessarily cause for concern. If you look at it from the perspective of a mortgage lender, 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 are able to afford the property as a sole borrower, the lender would be more inclined to allow a removal from the contract.
This can really differ though between mortgage lenders and is an area where we are able to try and help. Something that may be advisable during this time is to switch mortgage lenders and get a better mortgage deal in a sole name. This is especially the case if you are having mortgage problems. Our Specialist Advice in Leeds may be able to relieve some of your stress.