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skelly
Apprentice
Joined: 26 Jul 2005
Posts: 15
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 Posted: 09/19/07 - 05:44 Post subject: |
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My wife and I took a mortgage together. Actually, it's on my name but we are paying for it together. It would be great if I could transfer mortgage to her name, paying for it as before. It would be convenient for getting a loan, so I could borrow more. Can I remove my name from mortgage?
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stu
Apprentice
Joined: 07 Jun 2006
Posts: 18
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| Posted: 10/12/07 - 23:43 Post subject: |
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You are a consumer of mortgage deal so you can't remove it. Mortgage offer was made concerning your income and outcome, so your wife wouldn't get the same deal probably. You can't exit the deal until it's repaid. Your property, which you got the mortgage for, would be your own when mortgage ends. If you concerned this option to get a better loan there are other ways. Mortgage is concerned as outcome since it's paid monthly. To improve your income you could take a joint loan with your wife, and then more money would be offered. In that case you both would be considered as one consumer, when it comes to income and costs. If this is not an option maybe remortgage could solve anything. That means that you are taking another mortgage but with another lender. In my opinion you should consult with a mortgage adviser or financial adviser to decide what would be the best offer for your financial situation.
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