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dposit?
abertawe1
Posts: 216 Forumite
:)hiya all just a quick question ,i was made redundent last year and then had an heart attack as you can imagine i have been struggling financialy and wont be able to pay my mortgage soon .the mortgage is a joint account with my son ,so after speaking to my mortgage advisor they said it might be a good idea for my son to take over the mortgage on his name only as he would be able to get it up to 35 years which would reduce the payments considerably the question is would he have to find a deposit or would they just transfer it over to him as he is already on the mortgage.
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If he can afford the mortgage in his own right, the lender may consent to you being removed from the mortgage and the deeds. Any alteration is at the lender's discretion and if he is already party to the mortgage, he shouldn't need any money, other than whatever fee they charge for doing alterations.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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