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Tranfer of equity with an NRAM mortgage
jeagle
Posts: 2 Newbie
Hello all
I own a house with my sister but currently live in it with my partner. There is no equity in the house and my sister would like to be taken off the mortgage and deeds. My partner does not want to take it on so I would like everything transferred into my name.
The outstanding mortgage is £139,000 plus an unsecured loan attached to it of £14,000 (total £153,000). The house is worth approx £150k-£155k).
Does nayone know if it's possible to have it transferred into my name and if so how much would it cost to do it? Also, would they take the rent money my partner pays into consideration when looking at my income?
Many thanks!
Jo
I own a house with my sister but currently live in it with my partner. There is no equity in the house and my sister would like to be taken off the mortgage and deeds. My partner does not want to take it on so I would like everything transferred into my name.
The outstanding mortgage is £139,000 plus an unsecured loan attached to it of £14,000 (total £153,000). The house is worth approx £150k-£155k).
Does nayone know if it's possible to have it transferred into my name and if so how much would it cost to do it? Also, would they take the rent money my partner pays into consideration when looking at my income?
Many thanks!
Jo
0
Comments
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I doubt they would consider this with so little equity.
if they did it would be on the basis that you earn enough to justify the mortgage on your own.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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