Can a mortgage be transffered to me from my brother-in-law

valsie98

We have been living and paying the mortgage in my brother-in-laws home for the last 4 years. He has moved abroad and will not be coming back. He wants to sell the house to us, as it stands he owes more on the house than it is currently worth.

Can his current mortgage be transffered over to my husband and myself? We both have poor credit, but can put together a small deposit, no more than 3 or 4k. We believe the house is currently worth around 110k, he owes 122k on it.

Will the bank take into account that we are and have been paying the mortgage?

beecher2

No, this won't be possible. If your brother in law could pay off the negative equity, and you had a 10% deposit, and had excellent credit then you might have a chance, but there's just no way this will happen under present circumstances.

herbiesjp

Based on what you have posted, this is a non starter I'm afraid.

Crinz

There might be a way to avoid the deposit issue if you were able to secure it on a Transfer of Mortgaged Property.

Who is the mortgage with? Joint income? And what do you mean about your poor credit?

The Halifax policy book states you can do Transfer of Mortgage between people with a 'close relationship' so it might be the case with other lenders as well
This would avoid doing it as a new purchase but you would still have to meet the requirements of the lender i.e credit scoring and income checks