Due to a change in personal circumstances, you may be looking at removing a name from a mortgage which can be a challenging process. We have a knowledgeable team to help you with the tricky process of getting your name or someone else’s name off the mortgage.
Many do apply for a joint mortgage when initially buying a house so they have a higher chance of being approved, however, circumstances can change. Below are the most common reasons and how you can do it:
One circumstance we regularly come across when dealing with a customer who is looking to remove a name is divorce and separation. You might be going through a divorce or separation which will massively affect financial arrangements. Therefore, this needs to be a priority because leaving the process till the last minute can make it stressful. This is because you need to allow some time for your lenders to do what they need to do as it’s not as simple.
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.
Your lender, building society or Mortgage Broker in Leeds will need to know that both parties are able to live comfortably with just one income. In the case where one party decides to remain within the household, the lender will need to make sure that they will be able to afford the mortgage payments on their own or if they will need help with them. It’s important that both parties agree for a name to be taken off a mortgage. This means if one party says no, you will need to go down the route of court proceedings, which can slow the process and be expensive.
Obtaining Specialist Mortgage Advice in Leeds if you are experiencing a difficult divorce or separation can help with sorting the mortgage aspect of the process.
Transferring is surprisingly a fairly straightforward process, especially if you seek the help of a Mortgage Broker in Leeds.
It works by the homeowners transferring equity to their family member or friend. The mortgage will get transferred with the equity remaining inside the property. It will require the new homeowner to show that they can afford a mortgage. and will have to pass their lender’s affordability and eligibility assessments.
If one person is not paying their way, it can create problems as you have a financial agreement with them. As a Mortgage Broker in Leeds, we have encountered this situation many times and is usually due to a disagreement within the household!
Bills that aren’t being paid by one party within the house can affect everyone else too. By signing up for a mortgage with multiple names, you are trusting that everyone is going to be keeping you with their payments. Missed payments can have a negative effect on your credit rating and score.
If you are in the circumstance, it may be best to approach your lender. Another option you have is to get in touch with a professional Mortgage Advisor in Leeds and help before it gets worse.
If you are looking to remove a name from a mortgage, it’s important that you speak with an expert. Obtaining specialist Mortgage Advice in Leeds will definitely help you out.
It is best that you approach an expert Mortgage Advisor in Leeds to talk about your situation to see how they can help. Prior to proceeding, the named party that you are looking to remove will need to show that they are to live comfortably with one income. This can be a difficult part of the process, especially if a party is refusing a name to be removed.
Our specialist advisors are available 7 days a week to provide a helping hand through the stressful part of this process.