buy to let mortgage query

morls

Hi

Last year me and a friend purchased a buy to let property which we currently let. I am relocating so am wanting the said friend to buy me out. We are stuck on a fixed rate until September this year.

All I am wanting is for my friend to give me back the 7k I put in, I don't want the house valueing and he is wanting to keep it in his name.

The mortgate is a buy to let fixed 2 year taken out through Birmingham midshire.

Just wanting any advice as where to start and get things rolling as I have no idea at all.

Thank you

kingstreet

Contact the lender and ask about a transfer of equity to remove you from the mortgage and ownership.

Typical cost is in the region of £400 to £600 for lender and solicitor combined. Can't comment on BMS costs.

Where's the £7k coming from? Will he need additional borrowing to repay you?

morls

The 7k is ready and waiting

Just actually been on the BMS website to look for rates and was greeted with this any ideas?


With effect from 1 October 2011, Birmingham Midshires will no longer offer mortgage products direct to customers. This will include servicing existing customers with product transfers, further advances and mainstream mortgages. To find out more about the products we offer through the intermediary channel please contact an independent financial adviser.

Thanks for the speedy response

shortchanged_2

Are you sure the property hasn't dropped in value?

In which case you are likely to be entitled to less than the £7000 you originally put in.

morls

My friend is keeping the property and is happy to give me the 7k I put in

kingstreet

morls wrote: »

The 7k is ready and waiting

Just actually been on the BMS website to look for rates and was greeted with this any ideas?


With effect from 1 October 2011, Birmingham Midshires will no longer offer mortgage products direct to customers. This will include servicing existing customers with product transfers, further advances and mainstream mortgages. To find out more about the products we offer through the intermediary channel please contact an independent financial adviser.

Thanks for the speedy response

A transfer of equity requires none of those, so all you need to do is call them and tell them what you want to do.