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.



More than mortgages, talk to me about:
Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance
General Insurance | Valuations | Conveyancing | Wills | Home finders

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

You are currently offline. Some pages or content may fail to load.