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How to Remove a Person from a Mortgage in Cambridge

Would you like to remove a person from a mortgage in Cambridge?

Our team of mortgage advisors in Cambridge are happy to help if any significant changes in your life have lead to removing a person from a mortgage. We have experience in helping people progress through what’s known as “financial separation”. 

We have dealt with a plethora of different mortgage situations, ranging from straightforward to incredibly difficult. Therefore, it is very rare that we haven’t encountered a situation at least once before. If you are seeking any Specialist Mortgage Advice in Cambridge, we are here from early until late to be your helping hand through any difficult times you’ve found yourself in.

Removing a person from a mortgage in Cambridge isn’t easy, but not impossible

Gaining perspective from the mortgage lender’s point of view can be key in a situation like this. Lenders will have two people contracted in to give them security on the property. This method allows lenders to have multiple routes to go down when it comes to chasing payment if a circumstance like arrears and/or repossession occurs. 

Security can be an issue when it comes to letting someone go from the property because you only have one option for payment. Preferably, they want to make sure that the person wanting to keep the property can afford it in their own right based on income and affordability. It may be best to switch lenders and take out a mortgage in your sole name. 

In some cases, like financial separation, a lump sum may also be raised against the property. This allows you to ‘pay off’ the other person tied into the deal with you. Issues can occur, however, with one being that a person may not be able to afford the whole mortgage in their sole name. There are still various routes such as family guarantors to go down and a mortgage broker in Cambridge may be able to help you with that. If you are looking to put life insurance policies and any home insurance policies in sole names, our dedicated mortgage team is also able to help you with that.

Cambridgemoneyman.com & Cambridgemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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