Releative died can I take over the mortgage?

BKK_2

Hi,

I recently had a relative die and I have been left their house, is it possible the building society will let me continue their mortgage on the current terms, it has been running for a couple of years. I am in full time employment currently renting with no existing mortgage and affordabilty is not an issue. The property is in equity and I could get a mortgage it just seems easier and simpler for all concerned to transfer the existing agreement.

Many thanks for any responses.

minimadtrix

Did your relative not have any form of protection to pay the mortgage off if something happened to them?

If not, I think you will have to speak to the mortgage people to see if you cam 'buy them out' as at the moment they have an interest in the property - i.e. they own a share of it still.

You will, no doubt, have to take a mortgage in your own right, but the upside of this is that you will have equity in the property, so you shouldn't have too much of a problem getting one.

dunstonh

is it possible the building society will let me continue their mortgage on the current terms

No. You will have to apply for your own mortgage as you are not party to the original contract.

You will also need to speak to the executor of the estate as if there is insufficient liquid assets in the estate, the property will have to be sold to repay those liabilities. You can buy the property but the executor will have to make sure that the purchase is at full market price to ensure other beneficiaries do not lose out.