Whatever the reason is for wanting to remove a name from a mortgage, the process may be hard and complicated. As soon as you take out a mortgage in multiple names, getting your name or someone else’s name off can prove difficult.
It’s not impossible to take a name off a mortgage. Here is why people want names removed from a mortgage and how you can do it:
The first and most common example would be if you were going through a divorce or separation and needed to take either your name or your ex-partner’s name off the mortgage. When going through a breakup, financial arrangements get pushed to the back of your mind, however, they should be actioned on first. Leaving the complicated processes till last can be stressful. You will also need to allow some time for your lenders to do what they need to do; they can’t just remove a name just like that.
Your lender, building society or mortgage broker in Leeds will need to know that both parties will be able to live comfortably with just one income. If one party decides to remain within the household, the lender will need to make sure that they can afford the mortgage payments by themselves or whether they’ll still need help with them. Both parties must agree for a name to be taken off a mortgage, therefore, if one party says no, you’ll be required to go down the route of court proceedings, which can be costly and time-consuming.
If you’re going through a tough divorce or separation and need specialist mortgage advice in Leeds, we’re here to help you arrange the mortgage side of the process.
Surprisingly, this process is fairly straightforward, even more so if you choose to use a mortgage broker in Leeds.
The process will involve the homeowner transferring equity to their family member or friend. Essentially, the mortgage will get transferred with the equity remaining inside the property. The new homeowner will still be required to prove that they can afford a mortgage. They’ll have to pass their lender’s affordability and eligibility assessments.
If a party is not paying their way, it can start causing you problems as you’re financially associated with them. Believe it or not, as a mortgage broker in Leeds, we’ve seen this situation come about quite a lot, it’s usually when there’s been an argument within the household!
If bills aren’t being paid by one person within a household, it can affect everyone else too. When you sign up for a mortgage with multiple names, you’re trusting that everyone is going to keep up to date with their payments. Missed payments can negatively affect your credit rating and score.
If you’re in this situation, it may be best to approach your lender. Alternatively, you can speak to a professional mortgage advisor in Leeds and help before it gets worse.
When you’re wanting to remove a name from a mortgage, it’s essential that you speak with an expert. Getting specialist mortgage advice in Leeds will definitely help you out.
We would recommend describing your issue to your mortgage advisor in Leeds and going from there. Before you can continue, the named party that you’re trying to remove will need to prove that they are able to live comfortably with one income. This part of the process can be a struggle, particularly if a party is refusing a name to be removed.
Let our team handle the stressful parts of this process. Our specialist advisors are available 7 days a week, make sure to get in touch.