help with my fixed morgage

Robb09

I have a morgage with my sister. Just had the news my girlfriend is pregnant. Good news. My problem is I need to get out of my current morgage so I can get a house with her. Can I take my name off my current morgage and does it cost you. Also would my sister be able to get a interest only morgage so she can continue to afford the house. But we are still tied in for a further 6 months But I need to sort something out now. Can anyone shed some light on were I go from here please. Any comments are welcome.
Thank you.

opinions4u

Robb09 wrote: »

I have a morgage with my sister. Just had the news my girlfriend is pregnant. Good news. My problem is I need to get out of my current morgage so I can get a house with her.

You have a mortgage commitment until the lender agrees otherwise. You can't just walk away from it.

Can I take my name off my current morgage and does it cost you.

Your sister and your lender have to agree to this. If the lender is unhappy to have just your sister named on the mortgage, the answer is "no". If they agree, the lender will probably charge around £200 and you will need a solicitor to change the ownership of the property. Expect them to charge an additional £300.

Also would my sister be able to get a interest only morgage so she can continue to afford the house.

If she can't afford the normal mortgage payments I can't see the lender agreeing to release you from your mortgage commitment.

But we are still tied in for a further 6 months But I need to sort something out now. Can anyone shed some light on were I go from here please. Any comments are welcome.
Thank you.

Key questions:

- how much do you owe?
- how much is the house worth?
- how much does your sister earn annually?
- what other debts does your sister have?