I need to come off a joint mortgage, but have been refused. Help?

Posted on 18 November 2013 by Emily


I need to come off a joint mortgage, but have been refused. Help?

Hi, My husband and I are in the process of getting divorced and, as part of the divorce, he is buying me out of our jointly owned property. Someone is investing in the property and is giving me my share of the deposit back. As part of the process my ex is trying to take my name off the mortgage but he had to be re-underwritten and his application was rejected by the current lender (they cited nursery fees as the main issue). The lender suggested keeping my name on the mortgage but I'm reluctant for this to happen as it will be unlikely I can get my own mortgage in the future and I hope to buy a property next year. Is there anything either of us can do? Thank you.

Emily,

Unfortunately, every lender has a slightly different way that they assess affordability, and also how they treat outgoings, especially where young children are involved.  Your current lender is probably one of those, and they obviously don't have any discretion regarding their lending criteria. I could probably hazard a guess as to who the lender is just from the reason they declined the application.

Your main option is for your husband to look to move the mortgage to a completely new lender as part of the process to remove your name from the mortgage and deeds. As well those lenders who are compeletly bound by an automated decision, there are providers who manually underwrite and can therefore judge each case on its merits, and it may well be that we need to approach sucj a company to help.

If you'd like to explore your options in more, then please let me know and I'll arrange for one of our consultants to speak with you and your husband.

Regards,

Simon

simon.collins@johncharcol.co.uk

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