Getting my name off a mortgage

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PaddyW

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So,this is the case. I helped a friend get a mortgage. My name is only on the mortgage, but not on the deeds. I now want to get my name off the mortgage, but on her current earnings, I doubt the bank will leave her take it on alone as the mortgage is c. 300k. Is there anything I can do to take my name off the mortgage without her remortgaging? She has been paying the mortgage herself and I have not paid anything.
 
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Is it possible that your friend could get someone elde to go on the mortgage?
 
PaddyW said:
Any other options available ?
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would it be of any benefit for her to go on the new mortgage with you? At least then you would both be liable for the mortgages. There would be the need for a great deal of trust here. Can your friend get a parental gaurantor maybe to take on the mortgage responsability that you have. it would mean refinancing....if the banks will allow it.
 
Hi Jonathan, I want to come off the mortgage not go on a new mortgage with her.
 
I don't think there is much you can do. Although I reckon it is no harm to ask the lender or go to a broker to assess the situation.

I had a joint mortgage and inspite of paying it for a number of years on my own it didn't count for much when I wanted to take it on in my own name. I had to re-mortgage and still required a guarantor.

Is there any chance of her defaulting on the mortgage? Because you are in a sticky situation if she does.
 
At the moment, no. Her dad lives with her and a lodger. I asked her and she said everything is fine. That's what I worry about though, if she does default in the future, everything of mine is in danger.
 
Basically, I doubt that she would ever default on the mortgage, because she worked so hard to get the place. But, the fear is she does at a future stage.
 
PaddyW said:
Basically, I doubt that she would ever default on the mortgage, because she worked so hard to get the place. But, the fear is she does at a future stage.
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personal circumtances can change for worse or better. Was there ever any alternative side legal agreement put in place to cover you in the event of defaulting /ownership. Did you seek independent legal advice?
 
PaddyW said:
So,this is the case. I helped a friend get a mortgage. My name is only on the mortgage, but not on the deeds. I now want to get my name off the mortgage, but on her current earnings, I doubt the bank will leave her take it on alone as the mortgage is c. 300k. Is there anything I can do to take my name off the mortgage without her remortgaging? She has been paying the mortgage herself and I have not paid anything.
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How did the bank lawyers approve a mortgage in your name without any backup collateral - eg the deeds in your name.? Did you offer your own property as security ? If so the mortgage is on your house and she is mortgage free on the property she lives in.

Am confused ?
 
danash said:
How did the bank lawyers approve a mortgage in your name without any backup collateral - eg the deeds in your name.? Did you offer your own property as security ? If so the mortgage is on your house and she is mortgage free on the property she lives in.

Am confused ?
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He means that he is equally responsible for the mortgage which is secured only on the friend's property, held in her sole name.

mf
 
Hi PaddyW,
For you to come off the mortgage she will have to qualify for the balance in her own name or with her Dad as guarantor. Or reapply in joint names of herself and a partner or sister/brother.
You took some risk joining in a mortgage without been on the deeds. Will this affect your First time buyer status/ TRS in the future.
She needs to find out how much she qualifies for in her own name. You also need to take into consideration if the property has reduced in value since purchased. Some lenders are lending up to 90%/92% for a remortgage whilst others are only lending up to 80%.
Spin
Mortgage Broker
 
mf1 said:
He means that he is equally responsible for the mortgage which is secured only on the friend's property, held in her sole name.

mf
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As I said I am confused - a mortgage is a legal document secured on a property - they cant secure it on a property he does not own - without the permission of the deed holder - which would leave her liable for the debt.

Did you just go as guarantor ? I cant see how there can be a mortgage in your name and not secured on an asset you own. Is the mortgage solely in your name or is it a joint mortgage ? If the bank allowed only one name on the deeds I would be very surprised.
 
I got independent legal advice. I'm basically a guarantor I suppose. I will need to look into the matter more closely. Thanks for the advice.
 
The bank allowed it danash. Joint mortgage, only her name on the deeds. All passed by the bank.

I did this before I found this site and all the info on it. I also did not say earlier, that she was not just a friend, she's my ex girlfriend. Love is blind? Or just plain stupid?
 
PaddyW said:
The bank allowed it danash. Joint mortgage, only her name on the deeds. All passed by the bank.

I did this before I found this site and all the info on it. I also did not say earlier, that she was not just a friend, she's my ex girlfriend. Love is blind? Or just plain stupid?
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Sorry to hear that - I am surprised at the Bank allowing that however.....reckon the only way out of this is for her to find an alternative Guarantor.

I am in a similar position in that I am separated from my wife and we have two properties in joint names. As part of the settlement we agreed to take a property each and put the mortgages into single names. The bank agreed as they had the liability anyhow but insisted that I went guarantor for my ex wife's mortgage. Now I have no name on the deed or mortgage but a guarantor's liability for her debt.

I know how you feel......and it certainly doesn't go down well with my new partner as it limits my purchasing power for a new house we want to purchase.


Best of luck in persuading her to find a Guarantor.........
 
if she was your girlfriend at the time you surely would have bought the house with her, she wont be able to remortgage by herself if she needed you in the first time, so now she'll have to sell the house i suppose at a loss and you will be responsible for whats left owed to the bank if she can't pay it, silly you..
 
You have to consider that the very reason that you are the one who got the mortgage, not her, is because the banks consider that she did not have the ability to pay the mortgage. So she is "sub prime" and high risk of default.

Throw in the fact that she's an "ex" and you've got a recipe for diaster. You need to take advice and get out of this arrangement asap.
 
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