Chances of buying a friend out

Mobility151990

Ok, getting clearer. However l am not sure why you have this set 25% deposit target in mind, unless this is specific to your lender the deposit changes depending on the purchase price of the property in mind.

To make it a little more clear, you paid the entire deposit on this current mortgage correct? You both own the property on a 50/50 split? You wish to take control of the entire mortgage. I take it they will be taking 50% of the profit of the proceeds of the sale (since the prop value increased from the original purchase value).

If l ignore the specifics and go off what you say of having £30,000 as a deposit of liquid cash to hand, then with a mortgage of £164,774 that means you can purchase a property worth £193,5852 and remain on an LTV of 85%

mewanthouse

I don't think my current mortgage is portable because I brought it with a friend and not on my own, am I correct?

So due to this I have looked at getting mortgage on my own, but due to my credit rating with two defaults I would need 25% deposit which I don't have. So I wondered if I brought my friend out of my current house, if my current provider would allow me to take on the mortgage on my own using the equity in the property as my deposit and track record with them.