Taking over Joint Mortgage

DrummerRush

Hi

Bought a house (House last valued at 250000) with by bf 3 years ago the mortgage payments are 930 a month that my pay can cover.

We have both moved out and he has agreed for me to take over the payments, signed the house over to me but we need to seperate the mortgage.

How do i do this, the mortgage is 193000 which is WAY more than 3 times my salary. I plan to rent the property out to cover the payments.

Please help!

_Andy_

You'll need to apply with your lender to put it in just your name on a buy to let basis. What sort of rental income are you expecting?

DrummerRush

Thanks for your reply

Im hoping to get 1100-1200 a month, current mortgage is 930 based on a 35 or 40 year mortgage at 4.5% with RBS fixed till 2011 do u think i could get a better rate than that or similar?

_Andy_

Sorry I don't follow - are you saying the current mortgage is with RBS on 4.5%?

DrummerRush

yes that is the details of the joint mortgage, im worried a new one wouldnt be affordable