Through our experience as a mortgage broker in Bristol, we have encountered cases where customers are looking to remove someone else’s name from a mortgage. We usually find this option is used in a situation where the customer is going through divorce or separation.
If you are in this situation, sorting out any financial commitments you have linked to them should be at the forefront of your mind, to prevent any issues down the line. This can be something people leave last.
This can consequently make the process more tricky and cause a lot more stress and time which is why you should do this ahead. You can get ahead of this by getting in touch with a mortgage broker in Bristol.
There can be issues with leaving your name tied to someone else which can be an issue for you in the long run because of a number of reasons.
The first point is your name is still tied, you will still be chased for missed mortgage payments, regardless of if you live there or not. With this, you are in a situation where when you are in it, you are legal until removed.
Furthermore, your credit score will also be affected by the financial association. In the case the other person’s credit score drops, yours will as well. If you were looking to take out a mortgage of your own, in your own name, you would be finding yourself in a complex process.
Along with this, it will impact your affordability, because the mortgage lender will look at this as a large financial outgoing. Due to this, you will not be able to borrow as much for your property purchase.
You could also be faced with higher Stamp Duty tax implications as you will be buying a new property whilst technically owning one already. This can result in a quite costly deal.
With all these points in mind, it is good to remove your name from someone else’s mortgage as soon as you possibly can.
In the circumstance where you will be taking on the property and full responsibility for mortgage payments, the first thing you need to do is see ig you are eligible or not for a remortgage onto a new as a sole name applicant.
Contacting your mortgage lender/building society or speaking with a mortgage broker in Bristol will help you determine this.
Before you remove someone else’s name from a mortgage, it is key that you both agree on whether you or the other party will be getting the property. If you don’t come to an agreement with this, it could be a costly outcome with paying court costs to come to a decision.
Seeking specialist mortgage advice in Bristol can be beneficial in the case of a divorce or separation. A dedicated mortgage advisor in Bristol can help you through your mortgage process.
In the situation where you need help removing someone else’s name from your mortgage, get in touch with a specialist mortgage broker to assist you with getting a remortgage in Bristol.
Our team are available 7 days a week to provide expert mortgage advice in Bristol and give you the helping hand you need throughout your remortgage journey. Book your free remortgage review today and we will see how we can help.
Date Last Edited - 24/10/2022