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House swap
jadegirly2k
Posts: 4 Newbie
Hello
Me and my brother are in the same financial predicament of being unemployed home owners. We'd like to swap our homes as I need a bigger house which he has and he's happy to take mine as he wants to sell it and take the equity or rent it out as he's moving in with his girlfriend. We basically just want to swap the deeds over with no monetary exchange. However because we have mortages on the properties can we do this or will our mortgage lenders require us to settle the mortgages?
thanks
Jade
Me and my brother are in the same financial predicament of being unemployed home owners. We'd like to swap our homes as I need a bigger house which he has and he's happy to take mine as he wants to sell it and take the equity or rent it out as he's moving in with his girlfriend. We basically just want to swap the deeds over with no monetary exchange. However because we have mortages on the properties can we do this or will our mortgage lenders require us to settle the mortgages?
thanks
Jade
0
Comments
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Both mortgage lenders will expect new mortgage applications for the mortgages to be taken on your new homes. With no income the chances of a new mortgage offer are negligible.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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