Mortage - Signing Over Property

[jennifer_cro]

Hi

Hope you guys can help me with something:

If you get a mortage with someone, then a year down the line, you want to sign the mortgage over to that person, will the mortgage company allow just that, or will they re-assess whether that person can afford the mortage on their own?

Thanks

[Ethel]

They will need to be satisfied they can afford the mortgage on their own.

[lady_p_gold]

However if the property is in joint names then whoever is left on the mortgage would be liable for it and that could be a problem for them if the other party remained on the title.

[ali_alic]

My boyfriend left me and after 3 years wanted to take out a mortgage himself so needed to come off the mortgage. I went to my lender, with proof that I had been paying the mortgage on my own for the previous 3 years, but because on paper I couldn't afford it (I had 2 jobs plus a lodger to help pay the mortgage but they wouldn't take that into account) - so they said no!! I had to do some right old machinations in order to get it in my sole name!!

[dannydingbat]

You cannot "sign a mortgge" over without giving the other person your share of the property. This is rarely done without money changing hands.