Joint Mortgage

Does anyone known the procedure for taking someone's name off a mortgage (person not named on title deeds) and adding another person? I've been waiting for two days for a reply to this question from my bank! Also, the person being added to the mortgage is a non-national, recently married to a national, received work permit but not yet working - would the bank readily accept this person's application as spouce?

Thanks in advance.

There are two ways of doing it:

1. Re-mortgage the property entirely ( either with same lending institiution or new one) so that the original mortgage is redeemed which means the mortgagors( people who have the mortgage) no longer have any reponsibility for the mortgage.

2. Lending institiution joins in a Deed releasing one named mortgagor from their obligations and joins in new mortgagor.

First situation means lending institiution have to agree to lend to the new parties.

Second situation means current lender has to agree to new person.

Have you made a formal application?

mf

Not yet, just trying to find out exactly what is needed. Still waiting from a reply from my bank (day 3)!! If and when the finally reply I will post their comments.

Re: Joint Mortgage - Another question

Is it possible to just remove one person's name from a joint mortgage and sign it over solely to the other named person?

And (please excuse me if this is a totally daft question) as the person removed from the mortgage was never named on the title deeds, can the become a "born again"!! first time buyer?

Is it possible to just remove one person's name from a joint mortgage and sign it over solely to the other named person?

Yes -it is but lender will want to be satisfied that remaining mortgagor can cover mortgage. Obviously, two people could cover a mortgage more easily than one so they will have to consent to releasing one.

And if that party was never named on the deeds then I assume that they are first time buyers.

mf