Remortgage Help

rmortier

Afternoon all,
I need some advise please. A few years ago I purchased a flat with a friend, I live in the flat and the friend did it in as an investment. However they now have things that they want to do and would like me to buy them out. I spoke to the mortgage company yesterday and was told that my income is insufficient to take the mortgage over - eventhough have have paid for everything for the past 3 and a bit years!!

Is it worth me looking into remortgaging or should I bite the bullet and sell??

The other thing is that the flat was purchased just before the house prices slumped and is probably worth the same or less. What would happen in this senario?

Thanks in advance

Thrugelmir

rmortier wrote: »

I spoke to the mortgage company yesterday and was told that my income is insufficient to take the mortgage over - eventhough have have paid for everything for the past 3 and a bit years!!

In terms of repaying a mortgage. 3 and half years isn't very long. You won't have repaid much capital off the mortgage, and half will belong to your investment partner.

Without having details of the property value, mortgage required, your income. Its not possible to comment on your likelihood of obtaining a mortgage.