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Can I come off the mortgage, leave my wife on it and extend the term?

Posted on 12 March 2013 by Mr R J Harrow


I have been diagnosed with bladder cancer at 58 yrs old. My wife is 49 and we have a joint mortgage, due to be paid by 65 years old, and current payment is £900 pm. I wish to leave my employment, so would my wife be able to take over the mortgage for a 15 year term so as to lower repayments? and I can do an easier form of employment.

Mr Harrow,

I was sorry to hear about your news. If your wife has sufficient inome, meets the lenders criteria, and passes the credit score, then there wouldn't appear to be any reason as to why you can't do a "transfer of equity" to take yourself off the mortgage, and extend the term, as you wish to do.

If you'd like to talk through your options in a bit more detail, please let me know and I'll arrange a convenient time for you to speak to one of our consultants.

Regards,

Simon

simon.collins@johncharcol.co.uk

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