Posted on: 07th Nov, 2011 10:22 pm
Hi, I am wanting to remove my partners name from our mortgage we have had for 18months and am not sure of the options other than introducing solicitors. I have recently bought a new home (on my own) and dont know that this will qualify me for a new mortgage on my income. Can someone please advise of some options as I dont know what to do?
Thank you
Thank you
it is very difficult to remove someone's name from the mortgage without a full refinance. it is possible though, the bank will have a process that you'll need to follow, but you will need to be able to qualify for the loan on your income and be able to pay for the new house.
If the loan is assumable, then you may be able to assume the original loan. Most loans do allow for assumption, but generally they are hard to accomplish. You would need to sell or refinance to remove parties from the loan. If you can show 12 mos cancelled checks from the other party paying the property mortgage, then the new lender should be able to not count the mortgage against you...Good luck
