As a Mortgage Broker in Coventry, we have customers who get in touch to remove a name from a mortgage due to divorce or separation. In this situation, it’s common for homeowners to remove their own name or ex’s name from the mortgage.
If you are going through a divorce or separation, financial commitments should be at the top of your list to sort out. This is something that does seem to be left until last. It’s key to sort this out earlier in the process as it can come with its challenges and be a time-consuming task to complete.
To start, you need to see if you are eligible to be on the mortgage as a sole applicant. A lender, building society or a Mortgage Broker in Coventry will need to assess this as they need to know if you will be able to manage the finances with just your income. Along with this, the person who is staying on the property will need to be able to keep up with the mortgage payments on their own.
Prior to removing a name from a mortgage, both parties must agree. If one party doesn’t agree, this could result in the case being taken to court before they can proceed. This can result in the process becoming time-consuming and costly.
Therefore, seeking specialist Mortgage Advice in Coventry can be helpful to those who are going through a divorce or separation. By doing this, you are able to speak to an expert which can be beneficial further down the line.
In the case where you are looking to remove a name from a mortgage, seeking support and help with the process through getting specialist Mortgage Advice in Coventry can be a beneficial option.
Here at Coventrymoneyman, you can speak to a trusted Mortgage Advisor in Coventry who can provide you with a tailored service. Again, the individual that you want to remove off the mortgage will need to agree to be off the mortgage. It can be challenging if they don’t agree to be removed.
We are here 7 days a week to answer any of your mortgage questions and provide a helping hand on your mortgage journey. Contact our team today to book your free mortgage appointment.