Removing People Off The Mortgage
Answered on 13 January 2015 by Nick Morrey
The mortgage is joint mortgage with my name, my brother and his wife. They now want to sell the house but I want to keep it. My question is, can I take off their name in the mortgage and put my husband name and my other brother?
The short answer is that yes you can take your brother and sister-in-law off the mortgage, and add your husband and other brother. This is known as a 'Transfer of Equity', where you are adding your husband and brother to the mortgage and deeds, and staying on yourself. You can either approach your existing lender for permission or you can look to remortgage to a new lender. The lender will look at the overall affordability of the loan and will take into consideration the level of income your huband and brother earn.
As part of the transfer you would need to take legal advice as to whether you should set the ownership of property up as 'tenants in common' with a defined split between you, your husband and brother.
If you would like to discuss your enquiry in more detail, then please call 0344 346 3672 and we'll arrange for you to speak to one of our consultants.
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We recommend you seek professional advice with regard to any of these topics where appropriate.