A shot in the dark!

medper

Hi all...

This is my first time here so forgive me if this question has been asked before or if it is deemed to be a 'silly' question.

I was wondering if there is any way that a mortgage contract can be transferred to another party (in my case my nephew).

I have recently relocated to live with my partner leaving my former property empty and on the market and in the hands of agents. As the property is in negative equity by approx 6k and i have recently become unemployed, there is no way i can afford to meet the 'letting' requirements of the lender at 85% LTV so renting out isn't an option.

To be honest i'd happily give the property away lock stock and barrel thus dissolving me of any financial responsibility. My nephew would be happy to take it off my hands as he cannot obtain a 100% mortgage and doesn't have the capital for deposit. Is there any way this can be done legally?

Any thoughts??

Caz3121

the mortgage was a loan given to you based on your circumstances at the time. A new owner would need to meet the current lending criteria. Guess the only option will be to sell on the open market if the lender will allow you and make arrangements to repay any shortage

beecher2

Your nephew would need to have a deposit in order to buy the house from you, so you'd need to get the LTV down from over 100% to at least 90%. You'd need a full mortgage application and the lender wouldn't approve of it without the deposit.