We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Transferring Mortgage
Closcoeli
Posts: 5 Forumite
Hi,
Just looking for some advice and ideas on logistics.
My Dad is looking to transfer his mortgage to me and I'm not sure how this will work, he doesn't want to sell it to me just put my name on the current mortgage instead of his.
The house is valued at £220k and he has £62k left to pay, we would be happy to keep the same terms with the same interest rates and repayment time as he has at the moment.
Is this something that is possible?
TIA
Just looking for some advice and ideas on logistics.
My Dad is looking to transfer his mortgage to me and I'm not sure how this will work, he doesn't want to sell it to me just put my name on the current mortgage instead of his.
The house is valued at £220k and he has £62k left to pay, we would be happy to keep the same terms with the same interest rates and repayment time as he has at the moment.
Is this something that is possible?
TIA
0
Comments
-
To clarify: is your father intending to transfer ownership of the property to you or just the debt?
You won't be able to transfer the mortgage to you - it will take a full application to the lender so you will need to demonstrate affordability for yourself.
Also, would your father expect to continue living in the property? That could also cause problems.0 -
You cannot transfer mortgages from one person to another - it doesn't work like that.
He can sell it to you and you can get a new mortgage.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.3K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards