Mortage - Signing Over Property

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

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?



1 to 4 of 4rss feed

Best Answer

No best answer has yet been selected by jennifer_cro. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.
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.

1 to 4 of 4rss feed

Do you know the answer?

Mortage - Signing Over Property

Answer Question >>

Related Questions

Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.