Removing 3rd person from Mortgage?

Daenis

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I am wondering how easy it is to remove a third person from our mortgage. The situation is my father is named on the mortgage as well as me and my husband as this was the only way we could get the mortgage we required in 2007. The mortgage is paid by myself and my husband but there is 2 life protection policies to cover the mortgage a joint one for me and my husband and a separate one for my father. The 2 policies were required by Start Mortgages and my father pays his own one. My father is due to retire in January and his only income will be the state pension, he is also planning to move to spain to my sisters, currently he lives with me and my husband. Basically we want to get him taken off the mortgage so that it he can stop the life protection policy which costs him almost €200 a month. I am not sure how to go about this or how easy it will be, the mortgage is in negative equity at the moment so moving away from Start Mortgages is not an option.
 
Generally speaking this is done by remortgaging the property and redeeming the original mortgage. If you are in negative equity, I doubt you'll get it.

You don't need life protection for your father-in-law, you're not dependent on his income to pay the mortgage so why not just stop the payment. As long as you are not in arrears with your mortgage, I doubt you'll hear anything about it.
 
On paper can you afford to take over the mortgage ie are your earnings up and are your jobs secure? You would have to be in a position to get the mortgage if you were applying now. Maybe you would be young enough to extend the term either in order to be able to take it over.
You don't give any amounts as to how much is owed over how long, what the interest rates are and value of property. Also your earnings would help and security of jobs for others to comment.
 
Thanks for the replies Thirsty and niceoneted, I don't think remortgaging is an option yet, maybe in a year or two.
 
Cancel the policy, I presume you are not dependant on your father's income in the unfortunate event of his death, just cancel it. It may be assigned to Start but there are still ways to cancel it, stop paying it and it will be cancelled very fast. Start might write a letter or two but realistically very little else they are going to do. Life policies are lapsing all over the place due to people not having the funds to pay them, it won't be the first time they will have seen it.
 
Agree, if the only reason you want your father off the policy is to save the life assurance, just stop paying it.

Brendan
 
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