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my brother want to take on mortage
comengtract
Posts: 10 Forumite
i'm cuttently unemployed and to stop the bank selling/ reposessing my family home, my brother has offered to buy out the current mortgage provider by paying off the outstanding balance of the mortgage which is less than 50% of the market value.
the object of the exercise would be for my brother to take on the the mortgage, have his name added to the deeds and for me to remain in my family home.
my brother has a good credit rating and has some money for a deposit, but, is having problems finding a suitible provider because of the type of mortgage required.
can anyone come up with some providers and solutions to HELP????:eek:
the object of the exercise would be for my brother to take on the the mortgage, have his name added to the deeds and for me to remain in my family home.
my brother has a good credit rating and has some money for a deposit, but, is having problems finding a suitible provider because of the type of mortgage required.
can anyone come up with some providers and solutions to HELP????:eek:
0
Comments
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The issue here is that any lenders will not find it attractive that you are being rescued by your brother and will continue to live in the property. It will be less secure for them.
Suggest you speak with a mortgage broker fast.0 -
This won't happen without a mortgage broker and may not with one.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
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