How do I remove a Person from a Mortgage?
Mortgage Advice Manchester – Mortgage Broker Manchester
Mortgage Advisor Manchester
Removing a person from a mortgage can often be a challenge but our Mortgage Advisors in Manchester are here 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. Our Mortgage Advisors in Manchester have a lot of experience in this area of expertise and have helped many customers during a financial separation.
Removing a person from a mortgage is not as easy as it sounds but this doesn’t mean you have to worry.
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 we can help, as, during this time, it may be advisable to switch mortgage lenders and get a better mortgage deal in a sole name if you are having problems, our specialist advice may be able to relieve some of your stress.