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Transferring a mortgage to a relative
Comments
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Professional experience Holly.
It's being privy to that information that earns me a living.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
As I say, not something I've personally heard of as acceptable in my own prev mge/uw experience, given the standard vacant possession (ex BTLs under AST) & gifted deposit requirements .... but some lenders are prone to surprise - hopefully in their search the OP will stumble on those whom no longer require vacant possession as part of the conveyencing process.
I'm absolutely intrigued !
H x0 -
I must admit to being surprised myself.
The added complication on our most recent case was that the purchasers were intending to go on to build an annex into which the vendors would move.
The was a 'no' to one of the lenders but another was comfortable with it.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Blimey Ambo. ... what a result
!!
H x0 -
One lender told me they would not do the mortgage unless the vendor stayed in the property! HonestI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
One lender told me they would not do the mortgage unless the vendor stayed in the property! Honest
Crikey ... think the UW must have had put his underpants on back to front and inside out
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Vacant possession mustn't have been a requirement on completion .... thats a first for me on a straight resi , but bloomin useful in respect of this thread 
Maybe the known seasoned forum advisers (as Im currently in audit/compliance and away from face to face) could confirm they have found the same .. ?
H x0 -
What age are your parents?0
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Gotta be GE Money or Swift can't think of any sane lenders who consider this.0
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