Do we need to change mortgage?

lindsaymufc

Hi

My partner is looking to move out of his current property
and rent it to his ex partner on the agreement
that he pays the mortgage but she pays him rent.
Will he need to change his mortgage to a buy to let?
Many thanks for your help everyone

Linz 😀

lee111s

Is the mortgage solely in his name?

If so he'll need consent to let or switch to a BTL mortgage if he has more than 25% equity in the property.

lindsaymufc

Hi thank you for your help. The mortgage is in his name and his ex partners, so it sounds like he needs to change it to a buy to let?

Annisele

If the mortgage is in the joint names of your partner and the ex, why can't the ex just pay the mortgage directly? Why bother with rent?

lee111s

They both equally split the mortgage payments if he's happy for her to live there. If not sell it and split any equity.

Building_Surveyor

Why doesn't your partner just cut all ties with the ex and sell up or thr ex buy him out? How long would the agreement be for... And secondly as someone else pointed out if its a joint mortgage why doesn't the ex just pay it.

This sounds like it could get very messy!!

Thrugelmir

lee111s wrote: »

They both equally split the mortgage payments if he's happy for her to live there. If not sell it and split any equity.

Why not cut the ties now. If the ex remains in situ. There's no easy way of then selling the property or getting off the mortgage.