Please Help-Transferring Mortgage

aKtechno

I welcome any help or advice on this please.....

I have £55K left on my mortgage. The house is presently worth £140K. I bought the house 8 yrs ago for £65K.

The house is a family home and we all chip in to pay the bills and mortgage. (My dad, mum and brother)

I have some plans for the future involving travelling and living abroad. I cannot do this with a mortgage under my name.

My dad is happy to take on the mortgage in his name. I only want to transfer the outstanding £55K debt to him. (so I can buy my own place abroad)

What do I do? My mortgage provider says I have to go through the sales process as they cannot simply "change the name".

What is the most cost effective way for me to move forward? It's all quite frustrating and stressful!

sarah_elton

If your dad takes the mortgage, who will actually own the house? Are your proposing having a joint ownership agreement, with you having approx 60% of the property (85k/140k) and your dad 40% (55k/140k).

i.e. as and when the house is sold in the future, you'd get 60% of the value and your dad 40%?

aKtechno

I would want him to have the house (full value).

With no mortgage or debt, I would be free to get my own place.