New poster need advice

Reddevils375_2 · 7 November 2010 at 9:34PM

Hi everyone.

Just joined today and was hoping someone could help. Me and my wife are looking to buy a new house for £230k. We currently own our own house which has £115k left on mortgage and is valued at £165k. We have a 25% deposit we can put down on the new house without selling our current house. Our current mortgage is on fixed and has just over 1 year left. I know we will find it hard to get a second mortgage even though we can afford to pay both. The problem is we can not put our current house on btl since bs will not allow us. My father has said he will take over our current mortage or buy the house from us and give us 50k and take over the £115k mortgage. He wants it has a investment. Is there a way I can remove mine and wifes name off our current mortgage and transfer the mortgage and deeds to my father without incurring massive fees... The 50k we get from father is going to be used to refurbish the new house...

Any recommendation or suggestions please.... Thanks in advance for help

GMS · 7 November 2010 at 9:41PM

Why can you not get permission to rent the house?

If you can afford both mortgages you may be able to get another one.

You cannot come off the mortgage in favour of your father. He would need to buy it from you. Adding him to the mortgage would incur fees anyway.

How much is your ERC?

Reddevils375_2 · 7 November 2010 at 9:48PM

Thanks for quick reply.. I asked bs if we could put the house on rent but they said no and we would need to come off our current deal and incur a erc of over £5k.. Which is quite a lot.. Father is looking at investment so would have the house from us... If I sold to my dad would I still have erc charges and would dad have stamp duty to pay... Is there a way I can gift him house or something....