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Parents mortgage transfered to child

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kam_98
kam_98 Posts: 5 Forumite
in House buying, renting & selling
Is it possible for my parent to transfer the mortgage of their house to me. they will be retiring and relocating abroad.
the house is worth 150k, i earn about 30k but do not have a deposit.

Comments

  • themull1
    themull1 Posts: 4,299 Forumite
    no, you would have to buy their house, pay stamp duty, and only if lender ok's it which they wont with no deposit.
  • mark5
    mark5 Posts: 1,364 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Do you mean taking on a mortgage of 150,000 and buying your parents out or just taking on a mortgage to clear the outstanding balance on your parents one?
  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    themull1 wrote: »
    no, you would have to buy their house, pay stamp duty, and only if lender ok's it which they wont with no deposit.
    It depends on the Loan to Value ratio. If the mortgage is just 75k this would
    • be affordable at 2.5 times income
    • give the bank a 50% LtV, which is very good security
    Such a deal might come unstuck with a 'computer says No' bank, but if OP's credit rating is good, then it seems that it could match the current low risk requirements of the market rather well.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    The mortgage must be in the same name as the owner of the house.
    The house could be transferred into your name and the existing mortgage paid off by a new mortgage in your name. Assuming you qualify for a mortgage in terms of income. As for deposit, well, if the equity in the house is sufficient you would not need to provide any additional deposit.

    What is the house worth, how much is the mortgage, and what is your income?
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