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Transfer Mortgage
Options
emran2486
Posts: 34 Forumite
Before I go to the broker / bank i wanted to get some advise
Two of my family members own one property, and 'B' of them would like to come out. but 'A' would like to keep his name on the property.
I was thinking to go in but I have a mortgage myself, would that be a problem if i have my name on both properties? if I put my name on the property I will be changing it to Buy to Let property but i have a bad credit history. with 2 defaults and a CCJ.
if not, the other option we was thinking of to get the property under a sole name who will be 'A' but his income is only 24K per year and 2 years ago they bought the property for 157K on a repayment.
Two of my family members own one property, and 'B' of them would like to come out. but 'A' would like to keep his name on the property.
I was thinking to go in but I have a mortgage myself, would that be a problem if i have my name on both properties? if I put my name on the property I will be changing it to Buy to Let property but i have a bad credit history. with 2 defaults and a CCJ.
if not, the other option we was thinking of to get the property under a sole name who will be 'A' but his income is only 24K per year and 2 years ago they bought the property for 157K on a repayment.
__________________________________________
FTB
Property market value 160K
Property purchased for 93K
FTB
Property market value 160K
Property purchased for 93K
0
Comments
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any advise would be brilliant.__________________________________________
FTB
Property market value 160K
Property purchased for 93K0 -
Will A be living in the property? If so, A can't have a BTL mortgage; he'll need a residential one.
Will anyone be paying B any money? If so, where will it come from - an increased mortgage?
In theory you can be on as many mortgages as you want, so long as you have the income to support them. But your credit history might scupper that even before the income issue comes up. Depends on the lender, your income, the value of the two properties, and the total amount you'd be borrowing.0 -
If E wants to help A remove B there are numerous complications and it is a situation for a broker.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 -
Thanks for your reply, B has requested a payment. She has moved out of London and would be buying another property.
The money to give B is from Saving.
dont know what to do now, really in problem.__________________________________________
FTB
Property market value 160K
Property purchased for 93K0 -
Start from scratch with what you are trying to do.
current situation
who owns it, what mortgage, who live where.
what is the end goal. what cash is available who wants paying etc.
..........
this seems to be an asumption you have made which is probably not correct
if I put my name on the property I will be changing it to Buy to Let property0 -
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