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

ElwoodBlues

Whether the LL will consider that is down to them and their circumstances. How much equity do they have in the property? As you say you've been there a long time, the property is probably worth a lot more than it was when your LL bought it. So even if they've only had an interest only mortage the whole time, they probably now have significant equity in the property. If they're generous enough to gift that value to you, then you'd still need to buy the property from them, just at a price below market rate. I can't imagine many LLs doing this though.

user1977

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.

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.

Which would normally be achieved by him selling the property in the usual way. Any reason why the landlord would give you a significant discount?

penners324

So you offer the landlord a sum of money, he accepts, mortgage, conveyancing, etc etc