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Barrister Khan
Barrister Khan, Barrister
Category: Family Law
Satisfied Customers: 58
Experience:  Excellent legal grip
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My parents are 70 .and my brother is 45. My dad got a

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Hi .my parents are 70 .and my brother is 45 . My dad got a mortgage on his house wen he was 60 . But my brother had to be on the mortgage because of my dads age . He has no financial interest nor does he contribut to payments .
My brother keeps gettin2 into trouble with police and debt at his rented property and my dad is worried he could lose his house because of my brothers actions . My brother agrees he needs to be removed from mortgage .
His mortgage company wont let him take my brothers name off mortgage unless someone else puts thier name on.
I cant for financial reasons and there is no one else .
Is there another way to get his name off . Thank you .lee jackson .
Sign a mortgage novation or assumption with your lender. A novation or assumption simply substitutes one mortgage contract for another. The new contract removes the co-borrower from the mortgage loan altogether. You will sign the new mortgage contract. The co-borrower also normally must sign the appropriate documents in order to remove his or her name from the loan. But if you cant, then your father who is retaining the loan usually has to apply for a new loan and be assessed for affordability. When this has been done the old mortgage is repaid, if there is any fixed rate involved this will be carried across after they have received written authority from your brother. If your father does not meet their criteria they will have the right to refuse him a new loan, the existing joint would have to stay in place until alternative arrangements have been made.
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