Removing a name from a mortgage is a big challenge. Whether it is divorce, splitting up with your partner, or in a rare case just want to have a mortgage in one person’s name to let the other have more flexibility in their finances. Having a join mortgage has its advantages, however, whatever the reason it’s not an easy process, but there are some considerations that can help you get it done, but our Mortgage Advisors in Manchester are here to help, they have much experience in this area of expertise and have helped many customers during a financial separation.
Look at the situation from a Lenders side, they might have limited knowledge of your finances necessary to decide if they want to do it again, however you are asking them to entrust the payment of your mortgage to one person instead of two, 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 in Manchester may be able to relieve some of your stress.