Taking over a mortgage

scottwhitelam

Hi guys,

just after a bit of advice, I am thinking about buying my girlfriends mothers house and I am wanting to take over her mortgage. She has 89000 left on the mortgage and I was wondering would it be possible to do this? if so then how would i go about it? would I have to pay anything to her bank/ solicitors etc?

I am a bit of a newbie with this so any info would be greatly appreciated.

We have no deposit so a normal mortgage would be out of the question and she is wanting to get out of the house a.s.a.p. even if it means letting it get repocessed which we dont want to happen as we would like the house.

Thanks

Senior_Paper_Monitor

No you can't 'take over the mortgage' - it's as simple as that.

I read into your other comments (i.e "even if it means letting it get repocessed (sic)") that there are other problems - presumably debts. If this is the case, then there are limits as to what your girlfriend's mother can do as she must not 'give away' any form of asset and thereby deprive creditors.

I suggest you look for an experienced mortage broker, give them the details of all your individual circumstances and let them advise you (it may also need legal advice - a good broker will advise you to do so if the case is straying into that sort of area).

This doesn't sound like a situation where you should be listening to 'bar room solicitors' or even these 'hallowed halls'.

hcb42

If you have no deposit, you have no chance of getting a mortgage.