Taking over mortgage in New name

debbiedingle

I bought a house with a friend. My share I paid for in cash £160,000. He got out a mortgage for the balance of £20,000 plus an extra money 18,000approx for fees, furnishings etc. The mortgage HE took out was for £50,000. He told me that bank (Nat West) said my name had to be on the mortgage (although I had no independent income apart from my disability) also solicitor agreed he would have to go on the deed. Now my mother is offering me the money to pay him back what he spent on the home ie £40,000. He says the only way to do this is to pay off the mortgage early. Which means that early repay costs are going to be incurred. I'm trying to find another option to avoid pouring even more money I to this situation I have got myself stupidly into. I am wondering if the mortgage can be transferred into another name ie mine, my son or my mother's name and the money placed into an independent account used solely for the monthly repayments whilst paying off permitted overpayments yearly to bring the term down. Please any thoughts on this. This situation is causing a great deal.of.friction and stress. I'm afraid to ring the lender for fear of alerting them to my attempts to avoid early repayment fees
Many many thanks for any advise

lee111s

A mortgage cannot be transferred. You have the option of paying the mortgage for him until the mortgage is able to be paid off without any ERC, or, pay off the mortgage along with the ERC.






What terms is on the mortgage? When do the ERC's no longer apply?