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    Mortgage help!

    Need a little advice on mortgages!
    If a person has a joint mortgage, but wants their name off that and the other person wants to take on the whole mortgage, does that person need to go and apply for a whole new mortgage, or is it just a case of signing some papers? If so, what is the fee for doing this? I know there's a charge if you want to cancel the mortgage before the arranged length of time has elapsed, but I'm not sure about what happens in this situation!
    Hope that makes sense!

    8 Comments

    Banned

    Call your mortgage lender to find out. As lenders will have different policies. This happened to me before when I was getting off a joint mortgage and the property had to be re-mortgaged and an admin fee paid but I can't remember how much it was

    Banned

    you have to re-mortgage as bank will need to re-assess the single persons ability to pay and the current loan to value etc

    Banned

    e.g. your salary needs to be at least around 1/3rd of the mortgage amount

    Original Poster

    It's not my mortgage unfortunately, so I can't ask them! Surely the person taking on the whole mortgage would have to apply separately because the bank is then only lending to them and it's higher risk?

    Original Poster

    OK CSIman has already answered my question! Is that process going to take months or will it be a little quicker as the person already has a mortgage?

    Banned

    baffledsalmon

    OK CSIman has already answered my question! Is that process going to take … OK CSIman has already answered my question! Is that process going to take months or will it be a little quicker as the person already has a mortgage?


    wont take months as you dont need a solicitor involved as far as I know. Should be a few weeks.

    Original Poster

    Ok, so if there is a fee for changing mortgages (from the current mortgage provider), who is responsible for that, the person who wants the whole mortgage? The person who wants their name off doesn't mind what happens to the house, whether it's sold or not, so surely if the other person wants to keep it, it's their responsibility to pay otherwise the house can just be forcibly sold (through the divorce hence split of marital assets)?

    Banned

    the only way to go is to go see their provider, they will be able to offer them the advice needed, on here its just guess work, maybe the provider will transfer wth no costs to keep the business, maybe they wont
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