Advice needed on a mortgage changeover

Deborydoo

Hi

I'm new to the forum and have a bit of a tricky mortgage situation and I wondered if anyone may have any advice or if they have experienced a similar thing?

My mother (who is in her 70s) has split from her partner. They have a joint mortgage. Her partner wants a payout but my mother doesn't have cash to pay him. She doesn't want to lose her home either. However, she doesn't have enough income for her to take the mortgage on herself.

Is there a way where we could arrange for my mum's ex-partner to be removed off the mortgage and put me on it instead? My earnings are higher than his so that wouldn't be a problem. Just wondered if anyone has any experience similar to this and what they did, or whether anyone has any ideas how to get around the situation?

Thanks very much.

dimbo61

This might be possible but do you really want to be tied up with a mortgage with your Mum?
Do you plan on living in the property ?
What happens if in 2/3 years you want to buy a property of your own or with a partner !
Speak to a whole of market mortgage broker

Deborydoo

Thanks dimbo, I have thought it all through. We aren't on the property market and live in a property that comes with my husband's job. We can also buy another property on his income if we wish in the future. The plan is for my mother to live in the property as long as she wishes then it will be rented out at some stage in the future, so it's an investment for me really too.

nom_de_plume

You need to ask the lender about a Transfer of Equity. The ex partner will have to agree to it.