Removing a name from a mortgage can be a difficult 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, as opposed to two.
There are advantages to having a joint mortgage, however, it may sometimes become a more appropriate option to remove a name from your mortgage. Our Mortgage Advisors in London are here to help, using their experience in dealing with this subject, to help many customers during a financial separation.
Look at the current situation from the lenders perspective. They may be able to see from your finances that you pay everything on time and have the funds to proceed, but it is still a big ask in hoping they will entrust the payment of your mortgage to one person instead of the two they originally signed a contract with.
For the sake of financial security, they would prefer to keep both names on the mortgage. This is so that if a situation like mortgage arrears or more seriously repossession occurred, they would have the options of chasing two parties to cover the repayments. If they were to allow one person off the mortgage, this would mean that they have half the chance to receive a payment.
This will all usually be worked out based on affordability. If the person wants to have the property in their own name, without their now ex-partner or housemate, they will need to go through all the original lender criteria checks to prove they can in-fact afford to keep up mortgage repayments alone and avoid potential arrears.
Where this may be possible can differ between mortgage lenders. With this in mind, you may benefit from the assistance of a trusted mortgage broker in London. During this time, you may find yourself being advised to switch mortgage lenders and get a better mortgage deal in a sole name, in a bid to erase any ongoing problems. Our Specialist Advice in London may be able to relieve some of your stress, please Get in Touch to reap the benefits of a free mortgage consultation.