sillysi

If two people buy a house for £150K with a mortgage of £100K and in the future one person wants to take their name off the mortgage can this be done? The remaining person would have an annual income of £25K, would the remaining person be allowed to carry on with the mortgage or would the bank think it to much of a risk? Any advice would be appreciated.

Goochie

If after, say 5 years or so, you want to take name off the mortgage this should not be a problem provided that the remaining person can meet the income requirements on their own. Remember that you will have increased your equity though so the ammount needed to mortgage will be less and your salary will have hopefully increased.

In short - yes, it is possible to remove one person.

fast bloke

Based on those figures it would be no problem, but the thing to watch out for is that the other person may want their share of the increase of equity when they take their name off the deeds.

sillysi

Thanks for the replies.