Can A Joint Mortgage Be Transferred To One Person?
If you currently have a joint mortgage but, for one reason or another, you wish to transfer to one person, we’re explaining whether you can do this and what your options are.
In short, yes – it’s more than possible to transfer a joint mortgage to one person. However, complications can arise if you’re not in agreement. Read on to find out what your options are.
What happens if you have a joint mortgage and split up?
If you’re in the unfortunate situation of going through a breakup or divorce with a partner and you share a mortgage together, you may want to know if you can transfer the property ownership. The typical solution is for one partner to buy the other out, thus transferring ownership.
The sticking point: both you and your partner have to agree.
A transfer can ONLY be granted to one person if both people named on the joint mortgage agree.
What are your other options?
- Sell the house and pay your part of the mortgage
- Continue with the joint mortgage
- If in agreement, you can sell your part to a third party
- Speak to your lender about easing the process with a due solution
If you are looking to take over responsibility of the mortgage, your lender will need to carry out some affordability checks. By speaking to a mortgage advisor, they can determine how likely the transfer will go ahead. If you choose the right service, you should be able to get any necessary financial advice that could help improve your chances of becoming the sole property owner.
Checks will typically look at your income, expenses, credit history, employment status and savings.
Expert mortgage advisors can help you through this transition. At Agentis, we’ll get to know your circumstances and talk you through your options. Contact us today to book a free consultation with one of our expert mortgage brokers in Peterborough.