Joint mortgage help!

hamnat

I have a joint mortgage on property bought 10 years ago,with a friend at the time. It is an interest only mortgage of £93k , deposit of £32K jointly paid . Friend wants out of the mortgage, wants share of deposit back plus half proceeds from sale. House is valued at £150K. Only I have lived in the property, I have paid the mortgage for the whole period, I pay all insurances, life assurance to cover mortgage,and have added improvements to the house.
I wish to remain in the house, and take the mortgage on myself. Is this possible, and what is my friend entitled to from this? I have proposed to return her half share of the deposit plus a lump sum of around 25%. She informs me it is difficult to remove her name from mortgage + title deeds, and now proposes to buy the house at the original purchase price of £125K. This would leave me homeless(pensioner in 2 weeks) if she can do this. This is in Scotland ,though mortgage was with Abbey now Santander. I would be grateful for advice. Thanks:)

amnblog

I cannot see you doing it interest only but it is possible.


What is more worrying is if you are a pensioner in two weeks, how will you pay the mortgage

hamnat

Thanks. I have a buyer who is willing to pay friend off primarily,then purchase from me ,and leave me in the property for a nominal rent until the end of my days,as an investment for his son. My family have moved nearer to my home, but I do not wish to have to move again if I can possibly avoid it