Changing mortgage names

[bibble]

My girlfriend, friend and myself have a mortgage together. My friend has now got work elsewhere and is looking to be taken off the mortgage. What procedure and pitfalls may I face with this?

[Ethel]

You will probably have to get a new mortgage in the names of yourself and your girlfriend, and pay your friend a share of the profit, if there is any.

However, talk to your mortgage lender - if they are satisfied that you and your girlfriend can afford the mortgage on your joint income they may have other suggestions.

[bibble]

Many thanks
My friend wants to basically be able to walk away with his deposit back (coming onto 2nd year of 2 yr fixed term mortgage. House will have depreciated somewhat).
Do you believe there will be new solicitor fees, set up fees etc if we carry on with same building society?

[Ethel]

It depends on the mortgage company - there will certainly be some fees and the Land Registry charge to change the Title and the Building Society will incur some admin fees.

Speak to them - they all have different terms and conditions, but as there is still one year of a fixed term to go, there may be penalties to pay. You are effectively ending this mortgage and starting afresh.

The lender will need to be satisfied the two of you can afford the mortgage and the property has sufficient value for the mortgage.