Taking over a friends mortgage

istvan_2

Hi, im new to this and would love some advice.
My friend is moving abroad and i want to buy her flat. Thing is ive been trying to get a mortgage for ages and my credit is bad. Is there anyway i can take over her mortgage, or just change the name over? or put my name on it? She only put 10 grand into the property which i can give her cash. My salary is 18,000 and can easily afford the repayments as im living with mates. I wouldnt move into the flat, just let it out. The flat is worth about 120,000.
Any help would be great! thanks!

_Andy_

So the mortgage is £110k?
Not going to happen on that income, never mind the adverse credit.

Cannon_Fodder

To get on the deeds/lease, you would need to get a mortgage.

Your bad credit will prevent you getting a mortgage.

If your bad credit could be tidied up, or the problems get old enough, and a mortgage becomes possible then you would be limited by your salary to around £72k - do you have £48k deposit?

Oh, but you intend to rent it out, so you would need a 20-25% deposit, £24-£30k for a BTL mortgage. Do you have that?

Although you say you can afford the repayments, they are HER repayments. You do not know what repayments you would be asked to make, as your credit history/deposit/Loan-To-Value would affect the interest rate.

Get your credit history as good as it can be, exercise patience whilst waiting for things you cannot alter to expire, save hard so you have a nice big deposit when the time is right.