Taking over half of a joint mortgage

cjt1987

Currently my boyfriend and his brother own a house which is a part rent part own housing sceme. My boyfriend and I want to take over his brothers side of the mortgage as he is moving out. We have spoken to the housing company who have agreed this is ok to do but are unsure of what steps to take next. Thier current mortgage is up for renewal in April so now seems a good time to start the ball rolling. As I have never had a mortgage I have no idea where to start. If anyone could give me any information or have and a similar experience I would be greatful for the help. :j

getmore4less

Talk to the current lender to see if they agree and what deals they will offer.

Flyboy152

You will need to take out a new mortgage for you and your partner. Land registry will need to done as well. I would suggest that you explore all mortgage options before taking any action our making any decisions. Do you fulfill all the mortgage criteria?

cjt1987

Thanks for your help.

i think the current mortgage lender will run a credit check on me to see how much they will offer on our combined salaries.
How would i go about contacting a solicitor, do i need to go to one that specialises in a certain area? or can i contact any?

thanks

Flyboy152

There will be no real need to have a credit check to establish if you meet the lender's criteria. If your joint incomes match or exceed the mortgage lender's imcome multiples, you should be okay. Of course there will be other criteria, especially to do with the non standard circumstances per the shared ownership/rent of the property. You will need to research these to get the best mortgage for yourselves. Of course start with the current lender and then investigate others.

Most solicitors will act as conveyancers. Sometimes the lender will have a panel that they work with and might ask you to chose from one of them (not compulsory, if you are paying). Some mortgage products come with free legal, so they may have use a solicitor from that panel. Effectively what you are doing is, you and your partner (a separate entity) will be buying the property from your partner and his brother (another separate entity). So there is nothing unusual about that and most good solicitors will be able to guide through everything that you need to know.