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Taking a person off a mortgage

  • 24-02-2022 4:14pm
    #1
    WhiteWalls
    Registered Users, Registered Users 2 Posts: 945 ✭✭✭


    Two siblings buy a property together,sibling A and B.

    Sibling A now wants to move on and buy with their partner.

    Sibling B wants to take over mortgage on her own but unsure if bank will allow this.

    What generally happens in these situations?



Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    If Sibling B has sufficient income to meet bank criteria for borrowing the outstanding amount then they take out a new mortgage in own name either with existing bank or new bank and clear off the existing one.

    If B has not enough income to qualify for the mortgage on their own they A is stuck!

    It's not just a question of taking a name off the existing morgage, lenders can usually technically do this but don't, in general they issue a new mortgage.



  • #3
    Allinall
    Registered Users, Registered Users 2 Posts: 7,009 ✭✭✭Allinall


    Sibling B will effectively be applying for a new mortgage for the other 50% of the mortgage.

    They will have to go through the usual procedures. Supplying salary certificates, bank statements etc., and the bank will then decide if they are happy they can afford to repay the full mortgage.



  • #4
    WhiteWalls
    Registered Users, Registered Users 2 Posts: 945 ✭✭✭WhiteWalls


    Thanks for the responses folks



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