If I already have a property with a joint mortgage...?

Question

Do I need a deposit to remortgage on my own?

Answer 1

In the eyes of the lender, they will see it as a fresh new mortgage. You will have to start a new mortgage which will mean all the usual costs that apply to starting a new mortgage including a deposit, valuation, solicitors fees, etc....

Im in the UK I thought to add.

Answer 2

no

Answer 3

you need to re-mortgage in your own name, have the ex's name removed from the deeds and pay him a lump sum to clear off.

leave his name on the mortgage and the deeds and he is entitled to 50% of the property at anytime in the future even if you have paid all payments yourself and he has not contributed

I work for a mortgage advisor so I do your rights

hope this helps

jade

Answer 4

You would need to afford the closing costs of the new mortgage, but do you also OWN the property jointly with your co-mortagor?

If so, they would have to approve of the transaction by NOT rescinding it. Right of rescission WOULD apply here. Also, the bank would have to be comfortable only taking you on the new Note (not mortgage just to be technical) without your co-owner (assuming you have one), which is highly unlikely. They usually want all owners.