remove a person from a mortgage

How do I Remove a Person from a Mortgage?

How do I Remove a Person from a Mortgage? By Manchestermoneyman

Malcolm Davidson – EXPERIENCED Mortgage Broker

Removing a person from a Mortgage can prove to be difficult – it’s not straight forward –

I may be able to help…

If your personal situation has recently changed and you are looking to remove a person from a mortgage then please get in touch. I have a lot of experience in this area of expertise and have helped many customers during a financial separation.

Want to talk about removing a person from a mortgage?
( Call / E-Mail or Text Me ) 

Removing a person from a mortgage is not as easy as it sounds!

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.

This largely differs between mortgage lenders and this is where I 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 I can help such as family guarantors etc.

I am also able to help if you would like to put life insurance policies and any home insurance policies in sole names.

I am very experienced in this field so there is never usually a situation I have not come across at some point before.

If this article affects you or you have a complicated situation then please get in touch for a FREE mortgage consultation.
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Remove a person from a mortgage with Malcolm Davidson
Mortgage Broker at Manchestermoneyman.com
( Call / E-Mail or Text Me ) 

 

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