Advice needed - transferring a mortgage?

cbrook

Hi,

Let me start by saying I have 0% experience or knowledge of mortgages and I’m a bit out of my depth in trying to find out the information I require.

The situation is as follows.

My Girlfriend’s Father has 2 years left on his mortgage, he has been paying interest only for a while now and still owes around £100k on a house that’s worth roughly £250k. He has recently became ill so he is unable to work and get enough money together to make his mortgage payments.

Myself and my girlfriend, don’t have a mortgage and both live with our parents, we’ve been saving for a mortgage but still have roughly another year of saving to go.

What we wanted to try to achieve is to take on her Dad’s mortgage, and pay off the £100k over a number of years and he can still live in the same house for free. Then when the day comes and he passes, we still have the house and can live there/sell it/whatever.

Is it even possible to transfer a mortgage in this way, or would it require us applying for a mortgage and then paying his mortgage off with that? Like I previously said, I’m an absolute novice in this game so any help or pointers would be massively appreciated.

Thanks :beer:

BoGoF

No, you can't transfer a mortgage.

I would advise against buying it......way too many potential complications and you would lose the benefits of being a FTB in future.

cbrook

But if we were to ‘buy’ it, would we not be first time buyers?

[Deleted User]

You could buy it as a home for a dependant relative. Assuming you pass affordability checks etc it probably won't cause you any issues now

The knock on effect will be if you want to buy your own place as then you will already own a home so be subject a large stamp duty bill

You will also already have a mortgage which will kill affordability for you on next purchase and maybe require a higher deposit

Its possible, I've just done one with a girl earning a lot who wanted to look after her dad as he gets older so took over his mortgage and is paying it down to have him not worry about it so much

cbrook

Thanks for your response. I appreciate your help.

How would this work with their currently being only 2 years left on the current mortgage. Would it be a case of the current ‘lender’ extending it for us?

How would I even go about starting this process?