Removing one party from a joint mortgage.

[DanHouse11]

Hi,

Myself and my brother bought an apt together, ( bless the innocence ) in 2006, and all repayments have been made to date.

Neither of us live there, and he has been making the repayments for the last 6 years when I became unable to do so. As a result he has unofficially taken full ownership of the property,which suits us both.

Now I'm back on my feet and need to move on with my life, and am looking to get a mortgage of my own. I just want to confirm I would need to be full removed from that mortgage ,to get a new mortgage on my own, as the bank wouldn't care about how repayments are made. He thinks there is a way that me being on existing mortgage won't effect new application, I am 99.9% sure this is wishful thinking on his behalf.

Could anyone clarify? Many thanks

 

[Steven Barrett]

You are both wholly and severally liable for the debt. In order words, even though you bought the house together, you are both liable for eachothers debt to the bank.

You may get a mortgage and keep the apartment but it is all based on your income etc.

You can approach the bank and ask them to remove you from the mortgage. Again, it will be based on your brother's financial situation or you may have to pay off a chunk of the mortgage to reduce the debt to an acceptable level. If you bought the apartment in 2006, there's a good chance it's in negative equity so your chances of getting off the mortgage are pretty slim.


Steven
www.bluewaterfp.ie

 

[DanHouse11]

Hi Stephen,

Many thanks for the quick reply.

Thankfully it's not in negative equity so one less complication. He is in a strong financial position so would be in a position to take on the mortgage on his own .Think he was just keen to avoid the challenges of doing so, incl keeping tracker, ( see post on that exact topic elsewhere in forum ).

Yes exactly as I thought. i need full removal from existing mortgage to move on myself. Thanks for the clarification.