Changing Borrowers on Mortgage, please help!

Abi_2010

Hi,

I was really looking for some advice. I have no knowledge really about this type of thing and was hoping that someone on here could help.

My boyfriend has an exsisting mortgage on a property with his brother. I am buying his brother out of the property. We have decided that I will 'take over' his brothers name on the mortgage, what he has paid deposit etc I am just going to give him.

I have spoken with the mortgage provider and they have said that they can 'port' the mortgage but me and my boyfriend will have to go through a new mortgage application. I am then unsure what happens next if this is approved.

Please can anyone here offer any advice?

Thanks

Abi

CLAPTON

basically he is selling his half of the house and you are buying it

so you need a new mortgage and will be liable to pay stamp duty (if half the property is over 125k)

the deeds of the house will need to be updated with your name

if he lived in the property himself then no capital gains tax would be payable but if it wasn't his principal residence then he might be liable for cgt

ViolaLass

It's not clear what your question is.

Abi_2010 wrote: »

I am then unsure what happens next if this is approved.

You will share the mortgage with your boyfriend. The brother will no longer be party to the mortgage i.e. you'll get what you want.