Can A Joint Mortgage Be Transferred To One Person?

Numerous scenarios involve changing or removing someone from a mortgage or transferring a joint mortgage into a sole proprietor mortgage. The need to change a joint mortgage to a mortgage for one person can be for numerous reasons, the most common of which is a break up of a relationship, and the need to buy your former partner out from the property.

First Choice Finance offer qualified mortgage advice and can help you remove someone from a joint mortgage or remortgage to help you buy someone out from a shared mortgage, this is often refereed to as a transfer of equity mortgage. First Choice Finance offer qualified mortgage advise and can talk you through the best options for transferring a mortgage and arrange the new mortgage the best way for your new circumstance.

If you are searching for great mortgage rates and sound mortgage advice on your new one person mortgage from your joint mortgage, then you have come to the right place. Connect with First Choice mortgage experts who have assisted many people with their home financing needs, helping you buy your property from your former spouse. These sort of mortgage transactions can require an in-depth knowledge that only comes with experience and specialisation. We work with our partners to help qualifying borrowers connect with mortgage lenders, and banks while presenting you with qualified advice from our advisers who can research competitive mortgage rates from a pool of national and specialst lenders to help you locate one of the best mortgage rates in the marketplace from our panel of lenders, enquire online to benefit from our outstanding service, and quality advice.

Why use First Choce Finance?
Ability to comparison shop from lenders offering low rates and fees. Connect with lenders who have experience and specific knowledge of joint mortgage transfer products Request no obligation mortgage rate quotes and consultations.

Joint Mortgage Separation Advice

If you are going through a seperation then it is important to calculate all your finances, it is important that your keep up repayments on your joint mortgage as if you miss any payments it will impact your credit rating and may make it more difficult removing your ex spouse from the current joint mortgage and turn it into a sole mortgage.

After taking time to understand your particular needs we will guide you through which mortgage is ideal for you. We will take all the hassle out of finding and arranging your new mortgage so that you are left to get on with the more important things in life. First Choice Finance has a wide range of mortgage and loan products available which include secured loans, remortgages, mortgages for first time buyers, self employed mortgages and adverse credit mortgages.

Remortgages
A remortgage is changing your mortgage without moving your home.

Remortgaging is the process of switching your mortgage to another lender that is offering a better deal than your current lender thereby saving money.

A remortgage can also be used to raise additional finances by releasing equity in your property.

When you remortgage you are ending your old mortgage deal and switching to a new one. This normally involves switching your lender although you can sometimes change deals with your current provider. If you do remortgage with your current lender it normally involves changing your existing deal.

You can borrow normally from £25,000 up to £1,000,000. Rates are variable, depending on status.

It is important to note that there are costs attached to remortgaging such as redemption penalties. These need to be taken into account when you are considering a remortgage. It is however worth bearing in mind that often the benefits of remortgaging can outweigh the costs involved.

Benefits Of A Remortgage
Remortgaging can allow you to get a better rate of interest and reduce your monthly mortgage payments.

A remortgage allows you to consolidate existing loans to one manageable monthly payment or raise money to buy a new car or home improvements.

Homeowners who want to raise money for home improvements, buying a car or other purposes often find that a remortgage to raise the money is cheaper than taking out a personal loan or using credit cards. This is because interest rates on mortgages are amongst the lowest of all the different types of loans.

Homeowners may wish to raise money to consolidate other debts. By taking advantage of remortgaging your property you could transfer several debts into one more easily manageable remortgage.

This means you can replace credit card bills, personal loans and other loans with one lower interest rate remortgage and spread lower payments over a longer period, although it must be remembered that the cost for borrowing money over a longer period may me higher.

Homeowner Secured Loans 9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Unsecured Personal Loans REPRESENTATIVE 49.9% APR (VARIABLE) First Choice are tied to certain unsecured lenders.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Security is required on immovable property.

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.