Mortgage transfer

Sinistro

I am writing on behalf of a friend. If I have a part-time permanent job and also work as a paid trainee. The annual income from both jobs is £25k, will the bank allow me to transfer the mortgage to just me in the amount of £116?

theartfullodger

Presumably you meant £116K. ????

Amazingly, who'd have thought, different lenders, different rules & processes.  And change over time. Your friend should ask (in writing) his lender.

I got a mortgage, expires at my age 83, with no salary (various pensions & savings mind..)

kingstreet

Sinistro said:

I am writing on behalf of a friend. If I have a part-time permanent job and also work as a paid trainee. The annual income from both jobs is £25k, will the bank allow me to transfer the mortgage to just me in the amount of £116?

There's not enough information. Lenders also take into account term, dependents, credit commitments, ground rent and service charge and so on...

Bigphil1474

Depends what the property is worth as well. If it's a £500k property with £116k outstanding, you're more likely to get a Yes, than if the property is only worth £120k - they need to get their money back somehow. Affordability will be important - if you are a trainee shelf stacker that won't necessarily be as appealing as a trainee barrister (the ones who go to Court). In the end  the computer will say Yes or No. I don't usually recommend them, but a broker might be best place to start.

Sinistro

That will be destist nurse practice, after I get full time contract. Property is worth around £220. 

theartfullodger

Sinistro said:

That will be destist nurse practice, after I get full time contract. Property is worth around £220. 

I've been dealt with by nurses I wished would desist. 

Presumably yu mean £220 K ??

Sinistro

*dentist
Yes, £220k
One kid.