swapping a mortgage onto another house

alantina

can someone help?? my wife has a mortgage with her mum, abt 85,000
due to the family getting older and bigger we would really like to get our own place and leave the mum in law in this current house. can we have the mortgage put onto another house for us, so the current house has no mortgage and the mum in law can be left here without a mortgage and in peace? please help. thanks.

Annisele

Afraid not.

In theory, yes you can take a mortgage out on one house to pay off the mortgage on another. However, in the current climate you won't get a mortgage on any house that is more than, say, 90% of its value.

So, to do what you want, you're going to need savings of at least £85k plus 10% of the new house value. I guess that if you had £85k of savings you wouldn't be asking the question.

alantina

thanks for the reply, house is worth £140,000 with an £85,000 mortgage. just got to find a way of moving out and leaving the mother in law here without a mortgage.

Thrugelmir

The only way of having no mortgage is to repay it. Either pay it off or sell the property.

Have you considered buying a larger property with the MIL?

alantina

have thought about a bigger house, but the mother in law has a very big emotional attachment to the house and has the attitude that she will only leave the house if shes carried out in a box. really not sure where to go from here. seems switching the mortgage onto another a property would be an easy option.

CLAPTON

the post is not very clear

are you suggesting that you want to buy a new property to live it
if so how much would the house cost
how big is your deposit
what is you income

beecher2

alantina wrote: »

seems switching the mortgage onto another a property would be an easy option.

It doesn't work that way - you can only move your mortgage to another property if you sell your mother in law's house, or repay the outstanding mortgage. You've no way of keeping the house and moving unless you come up with £85k plus a deposit for the new house.

The only possible option is if your mother in law has an income which would allow her to take on the mortgage - you don't say what age she is and what income she has.

alantina

my mother in law is now retired so only has her pensions coming in, problem is, my wife and i are desperate to move away from her so we can be a proper family, my mother in law has no intention of leaving this house, the mortgage is in both my mother in law and my wife name, so we are trying to find away of moving out but leave my mum in law here with her mortgage, was hoping there was some way i could transfer the mortgage to another house.

CLAPTON

you need to continuing paying or refinance the existing 85k mortgage

how much would you need to borrow to buy a home of your own
how much deposit do you have
what do you earn