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I have a joint mortgage with my brother. He would like to take himself out of the deal with me. As far as i am aware if he wanted to walk away then we would have to sell the house or i would have to buy his share from him.
Is there another way around this as he is willing to just hand me his share but ive been told that it is not that simple. Northern Rock told me a year or 2 ago that the only way i could recieve his share without buying him out was if he was to pass away etc (not exacly in those words but that was what they were getting at)
Thanks for any advice.
Is there another way around this as he is willing to just hand me his share but ive been told that it is not that simple. Northern Rock told me a year or 2 ago that the only way i could recieve his share without buying him out was if he was to pass away etc (not exacly in those words but that was what they were getting at)
Thanks for any advice.
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Heed
The N Rock would want you to prove that you can afford teh mortgage on your own. If you salary is not enough to maintain the loan they will not allow your brother to leave.
If you had someone else that could go on the mortgage(girlfriend etc) You may be able to replace your brother with them. As long as both your income was sufficient N Rock will allow this.
It is called a transfer of equity , and there will be costs.
How much do you owe and what is the property worth?
The N Rock would want you to prove that you can afford teh mortgage on your own. If you salary is not enough to maintain the loan they will not allow your brother to leave.
If you had someone else that could go on the mortgage(girlfriend etc) You may be able to replace your brother with them. As long as both your income was sufficient N Rock will allow this.
It is called a transfer of equity , and there will be costs.
How much do you owe and what is the property worth?
At the moment there is nobody to replace my brother with but i do feel that i could cope with the mortgage on my own as im quite confident i could rent out a room to someone i know.
I do understand it would be hard to prove to N.Rock that i could afford it when i cant get credit at the moment even tho my credit rating is very high.
What sort of costs are involved in a transfer of equity?
We owe approx 80k and there is pretty much no equity on it, if i was to sell tomorrow id be in a loss.
I do understand it would be hard to prove to N.Rock that i could afford it when i cant get credit at the moment even tho my credit rating is very high.
What sort of costs are involved in a transfer of equity?
We owe approx 80k and there is pretty much no equity on it, if i was to sell tomorrow id be in a loss.
they will love you renting a room out ..when owing 80 large.
Aye the 80k is to them so it means nowt all surely as long as they get their money every month which they do. I could pay the mortgage myself i reckon but i just dont have the funds or credit available to buy him out.
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