Buying partner out of mortgage when in arrears

sortedatlast

Hi all,


Thanking you all in advance.

opinions4u

Most lenders would refuse a transfer of equity when the account is in arrears. Many would also expect it to be kept up to date for 6-12 months before they would consider it.

sortedatlast

Thanks opinions4U.

TrickyDicky

If both of them together are in arrears, how can he expect to pay for it himself? What is his income?

Conrad

It will likwly be some years before he could remo as even once the arrears are cleared they will show on his record. If they have at least 25% equity then the earliest they could apply is 6 months after arrears cleared, but it would be a rare case that would beaccepted so soon and the rate will be 8%+.