Help!! Is there anyway of getting off a mortgage without refinancing or selling??

(8 Posts)
Bestseller Sun 16-Jun-13 19:34:16

If you've accepted that the property isn't going to sell, can't you leave it as it is and rent it in your joint names ?(with the lender's agreement)

Would the rent be sufficient to tf to a buy to let mortgage?

BrienneOfTarth Sun 16-Jun-13 19:28:26

The mortgage is your agreement to share responsibility for the debt until it is all paid back. You can't walk away from it, no, sorry.

If her income isn't sufficient to take on the mortgage alone then clearly no reasonable bank is going to allow you to wash your hands of this agreement.

Whereabouts is the house? Houses are selling in some areas, so long as you're willing to be realistic about the price and not look for 2007-level prices.

Justfornowitwilldo Sun 16-Jun-13 19:00:29

You may need to sell.

Justfornowitwilldo Sun 16-Jun-13 18:56:29

Your partner might not have the finances necessary for taking on the property alone. And you can't walk away from the debt to the mortgage company if they're not satisfied there's a viable alternative.

BoundandRebound Sun 16-Jun-13 18:53:12

Doubt it the issue is financing the mortgage not who owns the property. If your partner can't take on your debt by remortgaging (banks share of house) I couldn't imagine the bank will just let you off the loan

Sorry

Broc01 Sun 16-Jun-13 18:50:02

There isn't enough equity in the house to refinance and the mortgage company will not take me off without refinancing. Is there any legal document I can sign waiving my share of the house?

nextphase Sat 15-Jun-13 20:54:29

Why can't you refinance?
Is is due to negative equity?
Or can she not afford the repayments on her own?

Any chance of coming up with enough £ to pay down the debt to a level where refinancing is an option? I'm not sure the bank will want to increase the risk by taking your name off the mortgage (if that is the case)

Broc01 Fri 14-Jun-13 21:35:46

Basically my ex partner is looking to rent out our old home, I'm looking to se however in this market there's no chance of that happening. I'm happy to sign everything over to her however the mortgage company have said she would need to refinance which is not an option. Is there any legal form I can sign releasing the property to her and safe guarding me from any bills/ debt on the house?

Help would be very much appreciated as I've not got a clue what else I can do!!

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