Transfer of Deeds

BigBenson

Hi all, this is my first post and i would appreciate any help and advice you can give me. Bear with me as this sounded better in my head!

Currently i live at home with my stepdad. We have a joint mortgage of £45K over a 15 year term, which we took out on a right-to-buy property in 2005. Both our names are on the mortgage.

I now wish to buy a house with my girlfriend(only me on the mortgage)and spoke to L and C last week. I need to borrow £120k on a salary of £34K. I am putting down a £12K deposit. Basically this is not a problem as long as i can take my name off the mortgage deeds, as it stands i can only borrow £80/85K as the lenders are taking the current mortgage into account.

We have spoken to the lender, Platform Home Loans, and they are sending the paperwork out this week. Affordability should'nt be a issue, my stepdad is on £30K, my only concern is his age as he is 57. Would this affect me getting my name off the mortgage, due to his retirement at 65? He has a private pension which may still cover the payment.

What is the best way to ensure i can get my name off the current mortgage ASAP? If this is not possible for any reason, what are my options to borrow the £120K? I have noticed some threads where part mortgage and unsecured loans are being used. Would this be an option?

A seller has accepted my offer on a house so i need to move fast. Any advice would be greatly appreciated.

CHR15

Sorry I can't help you but I am in a very similar position so am keen to see any replies too.

CLAPTON

when yopu say you want your name off the mortgage do you mean that your stepdad will then be the sole owner?

BigBenson

Yes, my understanding is that i need my name off the deeds to get another mortgage of £120K, unless i am wrong on this. The house could then be left to me in my step-dads will. If i can get a new mortgage, there would be no reason to come off the existing one. The lender is charging £150 for the privelage, dont mind too much if i need to get my name off.

JoeK_3

You step father should be able to take over the joint mortgage without any problem.

Do you really want to leave him on his own?

Some lenders would allow 5.5 x income if you wanted to stay on your step father's mortgage.

JoeK

BigBenson

Thanks JoeK.
When and if i come off the mortgage, i will still be paying half direct into my stepdads bank.
Do you think its best to wait until i come off the mortgage to sort out a new one or start to organise now?
L & C seemed to give the impression i could only borrow £80/85K. Is there anybody else you would recommend?

CLAPTON

i would approach a independant mortgage advisor to see if you can get a better multiple rather than take your name off the mortgage.

with no disrespect to your step father things can happen that mean you wont inherit the house... I've no idea of his age or health but maybe he may remarry then the house would be his wifes or need nursing home care and the state may seize the assett to pay for it or he may build up debts and go bankrupt.. so think very carefully about this.