Can you swap names on a mortgage?

costelloe16

Hi,

I've been looking to buy a property from overseas for about £50k (there's plenty in my hometown). However when I started applying for a mortgage as an expat they said the smallest property price would be £75-100k. I don't want to get something that big just because I'l be home soon and would like to come home mortgage free.

My Dad already owns a property of this size and suggested he just gives me that and swaps names and he buys another one, which sounded great in theory - but does anyone know if that's possible bearing in mind I'm still out of the country for at least another 2 years?

Thrugelmir

No such thing as swapping names on a mortgage.

costelloe16

Is there anyway around this situation? Anyway to borrow less than the banks want to lend?

For example could I co-apply for a mortgage with someone in the UK so that I don't have to get an Expat mortgage?

holly_hobby

costelloe16 wrote: »

Hi,

My Dad already owns a property of this size and suggested he just gives me that and swaps names and he buys another one

Is this property mortgaged ?

H

costelloe16

Yep, I think he paid about 10k (20% deposit) about 4 months ago

Foxy-Stoat_3

costelloe16 wrote: »

I'l be home soon and would like to come home mortgage free.

Can you not save and buy a place outright when you return to the UK?

holly_hobby

costelloe16 wrote: »

Yep, I think he paid about 10k (20% deposit) about 4 months ago

He paid £12,500 16 wks ago for a habital property ..... and got a mge on it ?

Somethings not right here ............

H

Foxy-Stoat_3

holly_hobby wrote: »

He paid £12,500 16 wks ago for a habital property ..... and got a mge on it ?

Somethings not right here ............

H

No, he paid £10,000 deposit on a £50,000 property.

holly_hobby

Sorry I mis-read it that the mge was 10k after a 20% deposit .... doh ... :doh:

:rotfl:

costelloe16

Hi,

I could save up and buy a property at the end of the two years, but then I would have lost out on 2 years of £350-450 monthly rental income, so I'm looking for a way to buy the property without having to go to a price higher than I'm comfortable with.

As it's my first investment I'm trying to wary of the fact that if I don't have tennants or I have to come home for some reason - e.g a family illess etc I don't want to be one of those people who took out more than they could afford.

It seems strange that you can't invest small amounts!

Are you able to co-sign a mortgage with someone from the UK whilst you're still out of the country?

kingstreet

Applying jointly with someone living in the UK is not a solution. You are still an applicant and you are still not UK resident, therefore the problem of non-UK residence remains and is a deal-breaker for many lenders.

You talk about "they" but don't disclose if you are talking about a particular lender, or a broker? If you are talking about one lender having a higher minimum purchase price/valuation, you need to find one with lower minima and this can be achieved by researching your market further, or appointing a whole market broker to search for you.

Ask friends and relatives for a broker recommendation, or try https://www.unbiased.co.uk, switching off the "sponsored ads only" option so you get a full list.

What is the likely purchase price and what do you want to borrow? At least with this information we can tell you if this is a non-starter.