mum/brother joint mortgage, he wants out. How to transfer to me

Malko12

HI,

My mother & brother have a joint mortgage on the house we all live in. He wants to move out/sell and I am willing to take on the mortgage. How do I go about buying him out/transferring the mortgage to me & my mum?

HampshireH

Get some legal advice.

Are you eligible for a mortgage?

AnotherJoe

You see a solicitor and a mortgage company. Have you been quoted for a mortgage?
As a first stab at it, call up the current lender and ask them what would need to happen to make a "switch". I have seen posted some lenders will do this keeping existing terms.

G_M

Either your existimg lender will accept you as a borrower in your brother'splace on the existing mortgage, or they won't. They might not either because oftheir policy about switching borrowers, or because you do not qualify (income, credit history etc).


But only the lender can answer that.


The alternative is to apply for a new mortgage in joint names (you and mum) and use it to pay off the current mortgage. This would involve a solicitor acting for the lender to put a new Charge against the Title.


Presumably also the ownership of the property will also be changed at the same time, requiring a change to the Land Registry Title.

Malko12

Thank you all for the replies. it was out of the blue that my brother has informed us that he wants to move further out of London and put the house on the market in January.

Along with my mum, we would rather not move from our current location/house if we can avoid it. I'll see if the lender will accept me as a borrower. If not then I'll make contact with a solicitor etc.

Thanks again