Removing myself from a mortgage or transferring it to someone else

thedino

In Dec 2006 my brother and I took out a £145k 3yr fixed rated (4.99%) mortgage with C&G for my parents and using the equity from the old house purchased the current property. At the time my Mum was out of work due to a knee operation that went wrong and my Dad wasn't able to get the full mortgage amount solely. My brother and I do not contribute to the mortgage, which is paid by them fully.

My brother lives away up North and rents a house with friends, however I am still at home and have now found a new apartment on shared ownership (I know how some of you feel about s/o, please spare me the lectures...lol).

As I currently have a mortgage I am not eligible for the s/o property. My brother has no intention of buying a property at the moment so would I be able to remove myself from the mortgage and my Dad take my place?

Sorry for long winded post, thanks!

sammyjammy

You obviously know how silly it is to buy a new build apartment on shared owner ship at the moment so I'll not mention that.

For your dad to take over the mortgage from you he and your brother will have to take out a new mortgage.

thedino

sammyjammy wrote: »

You obviously know how silly it is to buy a new build apartment on shared owner ship at the moment so I'll not mention that.

For your dad to take over the mortgage from you he and your brother will have to take out a new mortgage.

Shared ownership is the only way I will get on the property ladder.

So it's not a quick or easy job to be removed from the mortgage then...

embrace1204

thedino wrote: »

Shared ownership is the only way I will get on the property ladder.

So it's not a quick or easy job to be removed from the mortgage then...

You need to phone your mortgage company and ask for a change of parties form, fill it in once you've found a solicitor that will deal with the deed transfer with the land registry, send it back, you normally hear back within 3-4 weeks whether you're successful or not. I'd say the whole process takes about 2 months including the signing deeds over etc.

thedino

embrace1204 wrote: »

You need to phone your mortgage company and ask for a change of parties form, fill it in once you've found a solicitor that will deal with the deed transfer with the land registry, send it back, you normally hear back within 3-4 weeks whether you're successful or not. I'd say the whole process takes about 2 months including the signing deeds over etc.

Thanks for that info Embrace.

Will get on the phone to them tomorrow. Might be too late for the apartment I've seen but fingers crossed!