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Ex trying to buy me out on interest only mortgage

stalkah

stalkah Posts: 227 Forumite

Part of the Furniture

Combo Breaker

16 February 2015 at 9:57AM in Mortgages & endowments

Morning All,

I have a mortgage on a house with an ex it's an interest only with RBS mortgage outstanding is about 10% less than the property value.

I wanted to sell the property but my ex has now decided she wants to buy me out and put her friend on the mortgage.

Seemed easy enough until RBS have decided this isn't possible due to it being an interest only mortgage.

What options would we have? Could she remortgage with her friend instead of me with a different provider?

Thanks in advance

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Comments

amnblog Posts: 12,771 Forumite

16 February 2015 at 11:24AM

Not on interest only.

Sell up.

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.
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stalkah Posts: 227 Forumite

16 February 2015 at 11:25AM

amnblog wrote: »

Not on interest only.

Could she remortgage to a re-payment mortgage?

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Conrad Posts: 33,137 Forumite

16 February 2015 at 12:44PM

Yes a repayment mortgage is the only way. As to adding your friend that depends on the friends status, who knows.

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stalkah Posts: 227 Forumite

16 February 2015 at 12:45PM

Thanks, so if she re-mortgages to a normal repayment mortgage then at that time she could remove me ?

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Alter_ego Posts: 3,842 Forumite

16 February 2015 at 5:24PM

stalkah wrote: »

Thanks, so if she re-mortgages to a normal repayment mortgage then at that time she could remove me ?

You would both be removed when the existing mortgage was paid off.
They would then start again

I am not a cat (But my friend is)
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