Taking on a mortgage alone that was joint

lmj29

I bought a house with a friend and they now want to move out. I'd like to keep the house on in my name if possible but am not sure if the mortgage company would allow me to. The house was bought for £138 000 and is worth about £130 000 now. We still owe £131 000 on the mortgage and I earn £31 000 a year. Is it likely that a mortgage company would let me take the mortgage on?

Also would I need to 'buy out' the other person if the house is in negative equity?

Any advice would be much appreciated

DVardysShadow

If the house is in Negative Equity, the other person should pay you to take the loss away.

lmj29

Thanks

Do you know if the mortgage company would let me be the sole owner? The mortgage in on svr at the moment.

GMS

lmj29 wrote: »

Thanks

Do you know if the mortgage company would let me be the sole owner? The mortgage in on svr at the moment.

Ring them and ask. Nobody else can give you the answer.

hcb42

use a mortgage calculator to see if you can afford it on your own. The other party should pay for 50% of the loss of equity really (or stay put!)