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Cazber
Just Joined

2 Posts

Posted - 25 March 2020 :  02:20:59  Show Profile  Reply with Quote
My partner has a joint mortgage and the other party is requesting to be removed from the mortgage. My partner only has 1year left of his trust deed so we are trying to persuade them to give us the year. What is the possability to remortgage immediatley when the trust deed ends. We do not want to release any equity, or increase borrowing.

C.bergin

David Tannock
Trust Deed Expert



2382 Posts

Posted - 25 March 2020 :  12:45:25  Show Profile  Reply with Quote
Hi Cazber and welcome to the forum.

If you can then wait until the Trust Deed has been completed.

I think this is probably a question more suited to a financial advisor / mortgage advisor. They will be able to tell you the likelihood of success.

Trying to help a little based on my limited experience (I'm not a mortgage expert) I think it will be difficult to move away from the current provider until their credit rating looks a little better.

Also the current mortgage provider will need the confidence that your partner can afford the mortgage in their own name.

It could be a good idea to reach out to the current mortgage provider to ask them about this and if it's possible.


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Cazber
Just Joined

2 Posts

Posted - 26 March 2020 :  00:22:44  Show Profile  Reply with Quote
Hi, and thankyou for your reply. Affordability wise, my partner can afford the mortgage on his own now. I am also in a position to go on the mortgage, in realtion to affordability and credit score if this was to help atall.
If the other named person on the mortgage gives us till the trust deed is over, we do not care who the mortgage is with, or how much the interest is, aslong as we get to keep our house.
I just haven't came across a case like this. All other posts are people wanting a new mortgage.
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TDA (Debt Adviser)
Trust Deed Expert



13311 Posts

Posted - 26 March 2020 :  08:00:31  Show Profile  Reply with Quote
Hi Cazber,

When we've looked into this we haven't found any mortgage lenders prepared to offer a new mortgage to someone within a year of being discharged from a trust deed.

A few seem to seriously consider applications after being discharged for two years.

This is really a question that's best asked of a mortgage adviser though, as David already suggested. They'll know much more than we do.

Another option might be to ask your existing lender whether there's an option to switch the names on the existing mortgage. This would still effectively be a new mortgage, but depending upon the circumstances might not increase their overall level of risk.

It's also worth bearing in mind that mortgage criteria and terms evolve over time.

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