Removing A Name From A House Mortgage
Your original house mortgage application may have been made and approved as a joint mortgage. Due to separation or divorce, you may now wish to have the mortgage entirely in your own name.
To remove a name from a joint mortgage agreement involves the consent of both partners involved in the mortgage.
In addition, the mortgage lender must agree to the removal of the other name. They will probably not do so unless they are sure that the remaining name on the mortgage will be able to repay the mortgage based on their own resources.
If you are the person staying in the property, the questions the mortgage lender will ask you include:
Do you have sufficient income to repay the mortgage based entirely your own resources?
Do you intend to buy out the other person's interest in the house and how will you fund this payment?
Are you in secure employment? The type of job you have is crucial. Mortgage lenders will only loan to those people in the most recession proof jobs, so a job in a semi state organization or the most secure private company will really help your application for a mortgage in your own name.
What other loans or financial commitments do you need to repay?
What is the remaining term left on the mortgage on the house?
If you intend to create some additional income by renting out a room in your property, you will need to convince the mortgage lender that this is a likely and viable option.
If the mortgage lender agrees to the change from a joint mortgage to a single mortgage, they will treat the mortgage just the same as they would a new application. In other words you will need to supply all the documentation required such as proof of income, proof that your job is secure and so on. They may also request a copy of the separation or divorce papers.
This article is only intended as a basic general summary and you should always seek professional advice where necessary.
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