transfer of mortgage

alantina

can anyone answer me a question please, i have an £85,000 mortgage on a house valued at £140,000. this house is jointly owned by myself and my mother, my husband and i would dearly love to move and leave my mum in this house, my mum is retired and has her pension. the house we have seen is up for sale at £110,000. is there any way that we can transfer the mortgage onto the other house? therefore leaving my mother here without a mortgage, i dont think its possible but i have to find a way out of this living situation. i have £40,000 in the bank. would that help???
thank you.

beecher2

Nothing's changed since your thread earlier in the year

https://forums.moneysavingexpert.com/discussion/2502789

getmore4less

You need to find £85k if you want to leave this house mortgage free.

And the deposit for the new place then get a new mortgage or port the existing one.

Another way to look at it is you need £110+£85-£40 = £155k which is more than the £110k place is worth so no not without finding more money.

the max loan on the new place say £95k so another £60k will do it.

antrobus

Whether or not it is possible to 'transfer' the £85k mortgage would seem irrelevant.

As a general rule; you can buy as many houses, and have as many mortgages as you like, as long as you can afford the repayments. The real question would be; how much do you earn and thus how much can you afford to borrow. If you want to buy a house for £110k and have £40k available, and therefore need to borrow another £70k, the only question is whether you have the income to support a mortgage of £155k.

alantina

thanks for your replies, guess i will have to continue to put up with this situation.:(