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Adding my name to Mortgage......
dannydani_2
Posts: 12 Forumite
hi, i hope somebody can help me......
is it possible to add my name to my fiance's dads mortgage (i live in the property with missus and 2 kids and have done for 6 years since he bought the house)? the mortgage is a interest only, bought for 97,000 (12,000 deposit and 85,000 interest only mortgage). the plan was for him to buy and for me to then buy of him as soon as i could get a mortgage. now problem is, i have a default on my account (only for about £800) and this will come of in 3 years. so i have been told that i may be able to add my name to the mortgage and in time (not sure how long i would have to leave it), remove his name from it? he is more than happy to do what ever it takes as he wants me to have the property too, but with the default i will need around 25% deposit which is not possible at the min. if it helps, i have a secure job of around 32,000 per year.
any help much appreciated,
thanks danny
is it possible to add my name to my fiance's dads mortgage (i live in the property with missus and 2 kids and have done for 6 years since he bought the house)? the mortgage is a interest only, bought for 97,000 (12,000 deposit and 85,000 interest only mortgage). the plan was for him to buy and for me to then buy of him as soon as i could get a mortgage. now problem is, i have a default on my account (only for about £800) and this will come of in 3 years. so i have been told that i may be able to add my name to the mortgage and in time (not sure how long i would have to leave it), remove his name from it? he is more than happy to do what ever it takes as he wants me to have the property too, but with the default i will need around 25% deposit which is not possible at the min. if it helps, i have a secure job of around 32,000 per year.
any help much appreciated,
thanks danny
0
Comments
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Out of interest, does your fiance's dad live at the property?
Do you know whether he's got a residential mortgage (i.e. on the basis that he is living there) or a buy to let mortgage (i.e. on the basis that he is not living there) or a third type of mortgage?
Depending on what has been disclosed to the lender, and the basis of the current mortgage, you might just be opening a can of worms even if it were possible (I don't know enough to answer your actual questions).0 -
My partners father doesn't live here, I'm not sure if it's a buy to let, just aware that it's a interest only mortgage sorry.0
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Do you pay the mortgage interest?0
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As far as I was aware Yes, I have paid £470 a month since moving in, not sure if that's more or less than the mortgage interest tho. Thanks0
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Forgot to say, I give that cash to the father in law in the same day each month0
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