Mortgage advice please

BonnieC

Was told this may be the best place to come for some advice so hope someone can help.

My partner and i both have mortgages on our respective homes. He has moved in with me and his property is currently for sale and he will realise some profit from its sale. My home has a smallish mortgage on it and alot of equity in it. Because i am self employed my mortgage rate is really rather high and with a rather crap lender (Kensington) and my repayments are expensive in relation to how much the outstanding mortgage amount is. In the past few months my business has been struggling and it has made paying my bills and mortgage quite difficult. I am quite upset about this as have been trying to build a good credit score for the past number of years, never missing any payments, have little debt apart from mortgage and sadly the last few months has put paid to that as i have been struggling. My partner has a good job, good credit score and a good salary although his mortgage is also very expensive so he is limited in being able to help me until his property sells.

I wondered if the following scenario might be possible once my partner sells his current property.
- I agree to sell my property to my partner for a sum that covers the outstanding mortgage and maybe release some equity but well below the market value of the house (say house is worth 400k, he buys it for 180k and gets a mortgage for this amount less whatever deposit lender required)
- partner puts a deposit down and gets mortgage at a lower interest rate so monthly repayments are smaller
- we get a solicitor to draw up something that gifts me the remaining value in the house , so if house worth 400k, he pays 180k, the balance would be gifted legally to me

Would any of this be possible? I would sell the property to him at less than what i paid for it so no CGT would apply although this is my main residence so dont think it would apply anyway. We are engaged to be married so i feel comfortable enough entering into such an agreement with my partner, i dont think he would take my house off me! I dont think there would be a point to us looking for a mortgage together as my credit score would no doubt hinder his chances. I intend to try to clear what is currently owed and find some sort of employment to put me back on my feet and work on improving my credit score again.

Any advice on how best to handle this or if the above scenario is feasible very welcome! Many thanks in advance!

getmore4less

Before you start dreaming up ideas start with the basics

How much will he be left with after a sale of his property?

How much do you owe?

What are the mortgage details.

amnblog

No, he cannot buy off of you and you continue to live there.

Lender's won't like that at all.

I do hope on a side note that you are continuing to pay your 'crap lender' and are not missing mortgage payments?

Late bills are one thing and can be managed, but late mortgage payments leave you with very limited lending options going forward.

BonnieC

He should realise about 70k after the sale of his property.

My property is currently valued at over 400k and i owe less than 140k on it.

I have been late with 2 payments in the last few months after a perfect record since taking out the mortgage a number of years back. If the money isnt there to pay it, i cant magic it from nowhere sadly.