Remove a Person from a Mortgage
Removing a person from a mortgage | Mortgage Broker in Nottingham
Removing a person from a Mortgage can prove to be difficult – it’s not straight forward – our Mortgage Advisors in Nottingham 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. Our Mortgage Brokers in Nottingham 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!
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 our Mortgage Advisors in Nottingham 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 we can help such as family guarantors etc.
We may also be able to point you in the right direction if you would like to put life insurance policies and any home insurance policies in sole names.
Within our Mortgage Brokers in Nottingham we have very experienced Advisors in this field so there is never usually a situation they have not come across at some point before.
Feel free to get in touch anytime to talk about removing a name from a mortgage.