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Will a mortgage provider allow me to take my name off the mortgage which I jointly hold with my brother?

fodigie
by fodigie 06 November 2010  |  Comments 2 comments  |  Love Love  0 loves

Mt brother and I have held a joint mortgage for 2 years (fixed rate). I am now looking to buy a home with my partner and want to be released from the mortgage with my brother

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Comments (2)

  • MikeGG1
    Love rating 824
    MikeGG1 posted

    Is the brother's income high enough to support the mortgage on his own? Has the fixed rate period ended or will it end soon? Would there be a penalty for a new mortgage?

    They would require a new mortgage application so the old mortgage would have to be terminated. It really depends on whether he could obtain the mortgage on his own income in the current climate and whether they would charge a penalty for early redemption of the old mortgage. Only they could tell him that.

    Mike

    Posted on 06 November 2010 | Love Love  2 loves Report
  • time2go
    Love rating 59
    time2go posted

    Is there negative equity or a risk of it? If yes .... then probably not

    Posted on 10 November 2010 | Love Love  0 loves Report

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