changing mortgage to a new owner

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20 Jul 2008 00:00 by deniseatnycs Star rating in Sol Golf Nr Villamar.... 136 posts Send private message

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Hi 

I have a friend who is having problems with his mortgage payment.  I also have another friend who is paying a high rent  in another apartment on the same development who  would love to buy but can not find the deposit.  
Does anyone know (before I suggest it to them both) if the renting friend could legally take over the mortgage from the friend who cannot meet the payments please?

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Denise



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20 Jul 2008 13:54 by Marksfish Star rating in Vera, Almeria. 2577 posts Send private message

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Is that not the same as subrogation, as you would with a builders mortgage? I suppose it depends on the lender whether they would allow it. You say your friend doesn't have the money for the deposit, but will your other friend want to walk away with nothing?

Mark



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20 Jul 2008 14:30 by morerosado Star rating in Guardamar del Segura.... 6927 posts Send private message

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Denise, our Smiley will be able to advise on this, him being an expert in mortgages. 

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20 Jul 2008 14:50 by deniseatnycs Star rating in Sol Golf Nr Villamar.... 136 posts Send private message

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Hope so Morerosado as it seems a shame for them all to loose out.  
Yes Markfish my other friend is happy (well not exactly happy) more resigned to walking away with a big loss something near to 40% of what he paid but he cannot meet the mortgage payments, is months in arrears and does not even have the finances to change the mortgage to one over a longer period for less payments.   Added problem he has lost his well paid U.K. job which was a big shock and is really struggling to keep his U.K. home.

Just seems such a shame for both parties if nothing can be done but at least I will try and any info or suggestions will be more than welcome

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Denise



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20 Jul 2008 14:58 by georgia Star rating in Algorfa (As seen on .... 1835 posts Send private message

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Most banks will do this subject to status.
The buyer will have to provide 3 wage slips,P60,1 years bank statements,credit report(experian),bank reference and have a high enough earnings to debt ratio.
The banks will do it if they feel that they are switching the mortgage to a better risk or to a person who is more likely to pay it.
If your friend explains this situation to the lending bank they are usually quite happy as it is protecting their interest.


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21 Jul 2008 10:12 by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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Georgia has effectively hit the nail on the head - if the renter can prove that he can support the mortgage from occupational income subject to the banks criteria then the apartment can be "sold" and the mortgage subrogated (transferred) to the new owner. The buyer will incur the costs of transfer; transfer tax, Notary and Land Registry costs etc. If the current mortgage is in arrears then those payments will also need to be brought up to date (made good). Problem can sometimes arise if the bank has already started proceedings to possess but it sounds as if this is not the case here.

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21 Jul 2008 12:10 by mariadecastro Star rating in Algeciras (Cadiz). 9344 posts Send private message

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That´s it. Exactly as Smiley explains and even if the Bank has started procedures, if they are in early stages they can settle with no legal costs imposed to anyone as the Bank really wants someone to subrogate the debt better that having a failed credit.

It is not difficult and it seems a reasonable operation.

Best,

Maria

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