Switching from joint tenancy mortgage to single tenancy mortgage

Ginger Ninja

Hi all,

Looking for some advice. About 6 years ago my sister and myself bought a house. At the time, it was assumed that at some stage one of us would take over sole ownership of the mortgage. That time looks like it will be arriving soon.

I know there is a legal element in terms of having another party removed from the deeds etc. and we will be consulting our solicitor, but I am more concerned with the process in terms of dealing with our bank.

I can comfortably meet the mortgage repayments myself so ideally I would like to just continue the same repayments under the same terms, is it possible to simply continue to do this, or is this something that the bank will prevent from occurring? Or is this a more efficient/effective way to go about it?

Any guidance/advice from anyone how has been through the process will be appreciated.

Thanks all.

whippet

Ginger Ninja wrote: »

Hi all,

Looking for some advice. About 6 years ago my sister and myself bought a house. At the time, it was assumed that at some stage one of us would take over sole ownership of the mortgage. That time looks like it will be arriving soon.

I know there is a legal element in terms of having another party removed from the deeds etc. and we will be consulting our solicitor, but I am more concerned with the process in terms of dealing with our bank.

I can comfortably meet the mortgage repayments myself so ideally I would like to just continue the same repayments under the same terms, is it possible to simply continue to do this, or is this something that the bank will prevent from occurring? Or is this a more efficient/effective way to go about it?

Any guidance/advice from anyone how has been through the process will be appreciated.

Thanks all.

speak with your bank.

In all probability you will have to apply for a new mortgage in your sole name. It will be a new mortgage so doubtful if same terms etc will be in play.

If you are on a tracker .. you will probably loose that. Also, if the property is in negative equity the chances of getting a new sole mortgage is minimal

jlm29

A relative of mine was in a similar recently when he split up with a partner who he jointly owned a property with. He had to reapply for a mortgage on his own, and then the bank charged him a fee (of several thousand) to actually take her name off the deeds

farrerg

Ginger Ninja wrote: »

Hi all,

Looking for some advice. About 6 years ago my sister and myself bought a house. At the time, it was assumed that at some stage one of us would take over sole ownership of the mortgage. That time looks like it will be arriving soon.

I know there is a legal element in terms of having another party removed from the deeds etc. and we will be consulting our solicitor, but I am more concerned with the process in terms of dealing with our bank.

I can comfortably meet the mortgage repayments myself so ideally I would like to just continue the same repayments under the same terms, is it possible to simply continue to do this, or is this something that the bank will prevent from occurring? Or is this a more efficient/effective way to go about it?

Any guidance/advice from anyone how has been through the process will be appreciated.

Thanks all.

Contact the bank first, they will let you know if you qualify for the mortgage in your own name. You may lose the rate you were on if it was a tracker or low LTV rate and things have changed