Right, years ago when in university my partner and I wanted to buy a house. As I was in university there was very little hope of me getting anything.
So, my girlfriends dad remortgaged his house for a 20k deposit and took out a mortgage with her on this house. He had no financial input as we paid the mortgage and paid him back a monthly sum on the 20k.
Now he wants to downsize (100k to 70-75k) and is falling short on funds and transferring remaining mortgage (40k, 20
of which is ours).
So, firstly we need to remove him from this mortgage and place me on. How easy is this? Secondly we need to raise around 15k to repay him before it gets a bit awkward.
The house is around 80k with 50k outstanding on mortgage.
So, how easy or realistic is this going to be? We both pull in around 27k per year. Not perfect credit scores.
I'm assuming loan to value is probably around 80% so the likelihood is we won't raise the full amount through remortgage.
Anyone see any glaringly obvious problems with this or been in a similar situation or indeed have a reasonable plan of action or some advice.
Much appreciated.
Read more: Removing and adding a name to a mortgage and various other?
