Removing wife from Mortgage but not from Title Deeds
Discussion
I have a question for the finance Gurus. My wife is a few years older than me and we have a joint Mortgage, about 23 years remaining. It is governed in length by her retirement age. We are now at a point though that my salary would be enough to cover the whole value of the mortgage. Is it possible to change the mortgage to solely my name, but still keep my wife's name on the title deeds so we still effectively jointly own the house? that way I could increase the length of repayments by 7 years and reduce our monthly payments?
Why would you? Why not just pay it from your salary and leave the admin alone?
When I paid off our mortgage several years ago, my wife took legal advice sure she would retain her share in the property, and that I wouldn't be able to, for instance, remortgage the house without her consent.
The upshot was that the mortgage company don't give a toss whose name is on the loan as long as the repayments keep getting paid, and the names on the deeds will only change if there's a sale or legal transfer.
When I paid off our mortgage several years ago, my wife took legal advice sure she would retain her share in the property, and that I wouldn't be able to, for instance, remortgage the house without her consent.
The upshot was that the mortgage company don't give a toss whose name is on the loan as long as the repayments keep getting paid, and the names on the deeds will only change if there's a sale or legal transfer.
Doofus said:
Why would you? Why not just pay it from your salary and leave the admin alone?
When I paid off our mortgage several years ago, my wife took legal advice sure she would retain her share in the property, and that I wouldn't be able to, for instance, remortgage the house without her consent.
The upshot was that the mortgage company don't give a toss whose name is on the loan as long as the repayments keep getting paid, and the names on the deeds will only change if there's a sale or legal transfer.
By extending it for another 7 years we can save about another £150/month.When I paid off our mortgage several years ago, my wife took legal advice sure she would retain her share in the property, and that I wouldn't be able to, for instance, remortgage the house without her consent.
The upshot was that the mortgage company don't give a toss whose name is on the loan as long as the repayments keep getting paid, and the names on the deeds will only change if there's a sale or legal transfer.
Croutons said:
EFA.
You appear to be unaware of how more than one aspect of this works....
That's what I was thinking. Despite lower monthly bills there's surely no way it can be cheaper.You appear to be unaware of how more than one aspect of this works....
Having recently taken on a new hefty mortgage at 42 years old my own policy and belief is get it paid as soon as comfortably possible.
I don't actually believe the mortgage provider will know or notice if one party is retired as long as they're getting their monthly payments.
Stuart70 said:
- clearly your personal finances are your own and short term priorities may prevail.
red_slr said:
If £150 would make things a lot easier could you look at some part time work? Amazon Flex or similar? Local take away delivery? Ebay seller? You could probably make £150 a month by just flipping stuff bought at car boot sales, a lot of people do this and make quite good money.
I already do, thanks for the advice though.You can’t take her off the mortgage but keep her on the deeds as lenders don’t allow it as it could cause complications in cases of repossession. There are lenders now who have extended the retirement age so maybe you could find one of them as it might fit in with your wife’s age. There’s a lot of options you could consider, ask an independent mortgage broker and they will be able to source something for you.
I am a broker. If you can prove to Barclays that you meet their affordability criteria then they can ignore an older applicant and keep them on the mortgage.
Barclays tend to lend at the higher end of affordability / income multiples and happen to have some of the lowest rates in the uk
Barclays tend to lend at the higher end of affordability / income multiples and happen to have some of the lowest rates in the uk
Chainsaw Rebuild said:
If you wanted to lower the monthly repayments, could you get some extra work/other method and then over pay for a while? My understanding is this can either lower your monthly repayments or shortened the term, depending on the lender.
Each overpayment would reduce the payment but not by much...25k might knock up to 100 pm off the payments but it doesn’t sound like the op can summon that up and if they could I doubt it would be an issue.Some lenders will give payment holidays. Or a remortgage to a new lender and extend the term may be an option?
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