changing names on mortgage

Petek007

Hello, some advice would be appreciated.
My sister has a mortgage with a well known high street bank, my wife and I also live with her and pay some money  towards the mortgage each month (gifting her the money I guess). She is on variable rate, but will not want to carry on with payments now as she cant afford it. I suggested transferring the name on the mortgage to myself and the my wife instead.  When I phone up the lender about this, they said that if she is still going to live in the property, then cannot take her name off. Is there anyway round this so she can stay , but not have her name on the mortgage?

ader42

I suspect they will expect you to buy the house from your sister and get a mortgage based on your own criteria. 

Petek007

yes, i would buy the house off her, and get a mortgage based on my criteria. If she had 250 k to pay off, then i can get a mortgage for 250 k, right? The house is worth more than this anyway, but i wouldnt have to start off again and get a mortgage for the full current house price would I, which would be 400k?

theoretica

Petek007 said:

yes, i would buy the house off her, and get a mortgage based on my criteria. If she had 250 k to pay off, then i can get a mortgage for 250 k, right? The house is worth more than this anyway, but i wouldnt have to start off again and get a mortgage for the full current house price would I, which would be 400k?

You would certainly need to discuss with your sister the £150k!   Would she remain owning 38% - or another percentage - of the house?  The lender might well require her name to be on the mortgage - but you and she could have a separate agreement about how much you each pay towards the mortgage.