Is it possible to take over someone else's mortgage?

Danny_G13

So I'll try to make this simple:

I've rented for sometime, and I'm aware my landlord considers the place a bit of a burden. He is paying the mortgage still, albeit via the rent I'm paying, but I am interested in taking over that mortgage completely - as in, taking over his debt and the loan he has to pay off still, and putting it all in my name.

I've heard of 'gifting' a property, but it demands the original borrower has already paid off their mortgage which isn't the case here - I want to take that mortgage over and take the property over. Have live here a long time and put infinitely more into the place than the landlord has.

Is what I ask possible, or is the only way I can get the place by outright buying it?

The_Unready

Is the landlord on board with your plans? Is he happy to gift to you the equity in the property?

TadleyBaggie

You would need to buy the property just like anyone else, you can't take over someone else's mortgage.

user1977

Not sure what you think the difference is between taking over the ownership of a property, and buying it? If you want to own a property you buy it from the current owners.

Zerforax

You would have to take out your own mortgage, that would then fund the purchase from your landlord and then they would pay off their own mortgage.

Net effect is the same as what I think you are describing but you can't just take over his mortgage as credit risk is determined on each individual's circumstances.

It's not really relevant what you think you've put into the property.. your landlord will say there was a contract to provide you a house in exchange for rent. Unfortunately it doesn't give you ownership rights.

DullGreyGuy

May be easier if you explain what your concerns are with just buying the property 

Nifty_Purse

Presuming the landlord has a buy-to-let mortgage?
For you to be living in it you will need a regular residential mortgage.
In other words, his mortgage is of no use to you. You would need to buy the property with a mortgage in your own name.

Danny_G13

Zerforax said:

You would have to take out your own mortgage, that would then fund the purchase from your landlord and then they would pay off their own mortgage.

Net effect is the same as what I think you are describing but you can't just take over his mortgage as credit risk is determined on each individual's circumstances.

It's not really relevant what you think you've put into the property.. your landlord will say there was a contract to provide you a house in exchange for rent. Unfortunately it doesn't give you ownership rights.

I am aware I don't have any ownership rights, that's what I was hoping to acquire. You may have slightly misunderstand, this isn't a 'hostile takeoever', it would be with the landlord's approval, to unburden him of the debt of a property he's having to pay off, that he no longer needs.

Net effect I've never heard of.

housebuyer143

Danny_G13 said:

Zerforax said:

You would have to take out your own mortgage, that would then fund the purchase from your landlord and then they would pay off their own mortgage.

Net effect is the same as what I think you are describing but you can't just take over his mortgage as credit risk is determined on each individual's circumstances.

It's not really relevant what you think you've put into the property.. your landlord will say there was a contract to provide you a house in exchange for rent. Unfortunately it doesn't give you ownership rights.

I am aware I don't have any ownership rights, that's what I was hoping to acquire. You may have slightly misunderstand, this isn't a 'hostile takeoever', it would be with the landlord's approval, to unburden him of the debt of a property he's having to pay off, that he no longer needs.

Net effect I've never heard of.

What you are talking of in that last comment, is effectively purchasing the property from the landlord...

I don't imagine he sees the house as such a burden he would just lose a load of equity he's put into it and gift it to you.

amnblog

You cannot ‘take over’ a mortgage from someone else.

You can, subject to your circumstances take out a mortgage to buy the property from your landlord. If you don’t have the deposit for this, he can gift you the deposit. This is all subject to valuation, and, particularly, using the right mortgage lender.

Gycraig

Danny_G13 said:

Zerforax said:

You would have to take out your own mortgage, that would then fund the purchase from your landlord and then they would pay off their own mortgage.

Net effect is the same as what I think you are describing but you can't just take over his mortgage as credit risk is determined on each individual's circumstances.

It's not really relevant what you think you've put into the property.. your landlord will say there was a contract to provide you a house in exchange for rent. Unfortunately it doesn't give you ownership rights.

I am aware I don't have any ownership rights, that's what I was hoping to acquire. You may have slightly misunderstand, this isn't a 'hostile takeoever', it would be with the landlord's approval, to unburden him of the debt of a property he's having to pay off, that he no longer needs.

Net effect I've never heard of.

Wow aren’t you generous