Release from Mortgage

Posted on 10 February 2012 by Sarah

I have a joint mortgage with my brother. We've had this for approximately 6 years. It's not working out and i'd like to get out of the mortgage and would walk away with £6,000 and not want anything from it at all except my name removed. Is this at all possible and if so, how do i go about this?


You will need to ask your mortgage lender for their consent to have the property and mortgage transferred to your brother's name.  Before they grant this they will want to be sure that your brother can afford the mortgage repayments on his own.  This will involve checking his income and credit commitments again and also possibly a new credit search.  If your brother needs to borrow the £6,000 to purchase your share this can be done at the same time by asking the Lender for a further advance.

There are three possible outcomes: 1) You are removed from the property title and the mortgage covenants you gave.  2)  You are removed from the title of the property, but not your mortgage covenants.  3) They decline to give consent and you remain on the mortgage and are still tied by the covenants you gave.  Outcomes 2 & 3 will occur if your brother does not earn enough to support the mortgage on his own and unless he has a partner or someone else who will step in and take your place you will not be able to walk away.

You will also need a solicitor to act on your behalf and I have forwarded a copy of this response to our in house solicitors Rollingsons for them to contact you directly.


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.

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