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    • Hasslehogg
    • By Hasslehogg 18th Oct 16, 6:05 PM
    • 19Posts
    • 9Thanks
    Hasslehogg
    Transfer mortgage to brother?
    • #1
    • 18th Oct 16, 6:05 PM
    Transfer mortgage to brother? 18th Oct 16 at 6:05 PM
    Hi guys

    i am wondering if anyone can help me please.

    I have 2 properties with mortgages in my name, 1 my main residence and the 2nd is with RBS and my brother and his family live in it. I want to somehow transfer everything to do with the 2nd property to my brother, deeds, mortgage, debt etc without my brother having to buy the house off with me a deposit as he doesnt have a deposit.

    i am not looking to make any profit off this, currently he pays the mortgage each month and i just want him to have it in his name, is there anyway this can be done please?

    thanks in advance
Page 1
    • glentoran99
    • By glentoran99 18th Oct 16, 6:10 PM
    • 3,718 Posts
    • 2,576 Thanks
    glentoran99
    • #2
    • 18th Oct 16, 6:10 PM
    • #2
    • 18th Oct 16, 6:10 PM
    He will need to get a new mortage in his own name, you wont be able to transfer debt,
    Last edited by glentoran99; 18-10-2016 at 7:01 PM.
    • AnotherJoe
    • By AnotherJoe 18th Oct 16, 7:39 PM
    • 4,201 Posts
    • 4,217 Thanks
    AnotherJoe
    • #3
    • 18th Oct 16, 7:39 PM
    • #3
    • 18th Oct 16, 7:39 PM
    Hi guys

    i am wondering if anyone can help me please.

    I have 2 properties with mortgages in my name, 1 my main residence and the 2nd is with RBS and my brother and his family live in it. I want to somehow transfer everything to do with the 2nd property to my brother, deeds, mortgage, debt etc without my brother having to buy the house off with me a deposit as he doesnt have a deposit.

    i am not looking to make any profit off this, currently he pays the mortgage each month and i just want him to have it in his name, is there anyway this can be done please?
    Originally posted by Hasslehogg
    Not as you've stated it, no, but read on.

    If you think about it, a mortage is a loan so you can't just transfer that to anyone, the lender wants to be sure whoever has the mortgage can pay it off! So he will need to apply for a mortgage in his own right,

    You'll have to wait until either the mortgage is paid off, or the ousts anding amount is low enough he can get a mortage in his own right.

    Unless ...... you say he hasn't got a deposit, but as you seem willing to give him the whole thing, there is such a thing as a gifted deposit. Say for example the house is worth £100k and the mortgage is £70k. If you are giving him the house, then if you can find a lender who will accept a gifted deposit, then the £30k equity will do as the deposit. You've "gifted" it.

    So, go see a mortgage broker with your brother.
    • amnblog
    • By amnblog 18th Oct 16, 9:52 PM
    • 8,859 Posts
    • 3,374 Thanks
    amnblog
    • #4
    • 18th Oct 16, 9:52 PM
    • #4
    • 18th Oct 16, 9:52 PM
    If your brother meets criteria for a mortgage you can do this without him putting cash in.

    Speak to a good broker.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • minimike2
    • By minimike2 18th Oct 16, 10:47 PM
    • 1,724 Posts
    • 1,290 Thanks
    minimike2
    • #5
    • 18th Oct 16, 10:47 PM
    • #5
    • 18th Oct 16, 10:47 PM
    Careful not to confuse a gifted deposit with transaction at undervalue - They are very different. A gifted deposit involves you giving someone the cash to put into the purchase. Transaction at undervalue is allowing them to buy the property below market value, with that difference acting as the deposit for mortgage purposes - Beware as some lenders still require a cash deposit as well in this scenario. A broker will certainly be a good option here.

    Also think about the funding of fees - Solicitors, SDLT etc.

    Why was the mortgage on this property in your name and not his?
    I am a mortgage industry professional. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • Hasslehogg
    • By Hasslehogg 20th Oct 16, 10:06 PM
    • 19 Posts
    • 9 Thanks
    Hasslehogg
    • #6
    • 20th Oct 16, 10:06 PM
    • #6
    • 20th Oct 16, 10:06 PM
    thanks for the replies guys, appreciated
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