Buy someone out of a mortgage?

Specialboy27

Hi everyone I'm new here and no nothing about mortgages! 2 of my friends bought a house toghether joint mortgage and one wants out. Would I be able to buy the person out who wants out, or will that create a new mortgage?

CloudCuckooLand

If you don't have the cash, you'll need a mortgage. You can ask the Lender to remove the departing friend and add yourself instead, there will probably be a paperwork charge around £100-£200. Some lenders may charge more or require legal paperwork (with costs) on top.

You will be credit checked, and will need to have sufficient income to replace the departing person.

Have you thought about what happens when you or the remaining friend want to get out, if you have run out of friends to take over, whenever that happens..?

hcb42

I really dont understand why people enter into long financial commitments with people other than their lifelong partner by buying a house together... Sooner or later the inevitable happens, and it isn't always easy to resolve the situation.

I guess it used to be a way to make a quick buck, but that's not the case any more!

geoffky

hcb42 wrote: »

I really dont understand why people enter into long financial commitments with people other than their lifelong partner by buying a house together... Sooner or later the inevitable happens, and it isn't always easy to resolve the situation.

I guess it used to be a way to make a quick buck, but that's not the case any more!

house prices???