When we deal with a customer who is looking to remove a name from a mortgage as a Mortgage Broker in Derby, we commonly find that the reason is divorce or separation. In this situation, the homeowner may decide to remove their name or their ex’s name from the mortgage.
During a divorce or separation, financial commitments should be at the forefront of your mind as they are deemed an important factor to sort out. Despite this, they do seem to be left until last. This is can be a challenging process as it can be stressful and time-consuming, therefore, sorting that out first can make the process a lot easier.
First, you will need to see if you are able to be on the mortgage as a sole applicant. This will be determined by your lender, building society or Mortgage Broker in Derby who can assess whether or not you will be able to live comfortably with just one income. As well as this, the individual remaining on the property must also be able to keep up with the mortgage payments on their own.
Before proceeding with removing a name from a mortgage, it’s important that both parties must agree. In the case where one party doesn’t agree, the situation would need to be taken to court before they can proceed. As a result, this can become time-consuming and costly.
If you are going through a divorce or separation, it can be beneficial to seek specialist Mortgage Advice in Derby. This is where you can speak to an expert which can be helpful further down the line.
In the circumstance where you are looking to remove a name from a mortgage, it may be beneficial to seek support and help with the process which can be done through obtaining specialist Mortgage Advice in Derby.
Here at Derbymoneyman, we can connect you with an expert Mortgage Advisor in Derby who can get an idea of your situation. As mentioned, the person that you want to remove off the mortgage will need to be agreed to be off the mortgage. If they are adamant that they don’t ant to be removed, this can be a challenge.
Our team are available 7 days a week to answer any questions and support you on your mortgage journey. Get in touch today and book yourself in for a free mortgage appointment.
Date Last Edited - 23/05/2022