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Mortage - Signing Over Property

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jennifer_cro | 18:09 Sun 03rd Sep 2006 | Business & Finance
4 Answers
Hi

Hope you guys can help me with something:

If you get a mortage with someone, then a year down the line, you want to sign the mortgage over to that person, will the mortgage company allow just that, or will they re-assess whether that person can afford the mortage on their own?

Thanks

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They will need to be satisfied they can afford the mortgage on their own.
However if the property is in joint names then whoever is left on the mortgage would be liable for it and that could be a problem for them if the other party remained on the title.
My boyfriend left me and after 3 years wanted to take out a mortgage himself so needed to come off the mortgage. I went to my lender, with proof that I had been paying the mortgage on my own for the previous 3 years, but because on paper I couldn't afford it (I had 2 jobs plus a lodger to help pay the mortgage but they wouldn't take that into account) - so they said no!! I had to do some right old machinations in order to get it in my sole name!!
You cannot "sign a mortgge" over without giving the other person your share of the property. This is rarely done without money changing hands.

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