Removing a name from a mortgage is not an easy process, no matter if 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.
There are advantages to having a joint mortgage, however, sometimes it works out better to dissolve the partnership and remove a name from your mortgage. Our Mortgage Advisors in Manchester are here to help, using their experience in this area of expertise to help many customers during a financial separation.
Look at the current situation from the point of view of the lender. They may be able to see from your finances that you pay everything on time and have the funds to proceed, but you are still asking them to entrust the payment of your mortgage to one person instead of the two they originally signed a contract with.
They would prefer to still have two people on the mortgage for the sake of security, so if a situation like mortgage arrears or more seriously repossession occurred, they would have two parties to chase for financial compensation. If they were to allow one person off the mortgage, then this means they have half the chance to receive a payment in that instance.
This will all usually be worked out on an affordability basis. If the person who wants the property in their own name, without their now ex-partner/housemate, they will need to go through all the original checks to prove they can in-fact afford to keep up mortgage repayments alone and avoid potential arrears.
This can differ between mortgage lenders and as such you may benefit from the assistance of a trusted mortgage broker in Manchester. During this time, it may be advisable to switch mortgage lenders and get a better mortgage deal in a sole name to erase any ongoing problems. Our Specialist Advice in Manchester may be able to relieve some of your stress, please Get in Touch to get yourself booked in for a free initial mortgage consultation.