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house ownership transfer
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a member of my family owns the house i live in,this person wishes to sell the property to me, however i have previous adverse credit which prevents myself from obtaining a mortgage. i would like to know if there is a way of complete transfer of ownership to myself without obtaining a mortgage,the property currently has a small mortgage on it of around 1/3 of the value.then i could secure or remortgage the property to release funds to repay the family members mortgage on the property, therefore they no longer have ties to the house and i would own it. i would like as much info as possible regarding this situation.
thanks
thanks
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For more on marking an answer as the "Best Answer", please visit our FAQ.hiya dzug thanks for your reply. another queation for you if you wudn't mind the owner in question just wants out of the mortgage on the house and wants me to own it, as we very close,the question being now is how does she raise the money without securing it against the house if you know what i mean.it wouldnt be a problem for me to raise the money if i owned the house to repay the owner as there is equity in it and the member of family only bought the house so i ad somewere to live with my chidren.
thanks
thanks
There are very few people that can't raise a mortgage nowadays. Even undischarged bankrupts can get a mortgage subject to certain conditions. Speak to a mortgage adviser to check out your eligibility and any rate you would be liable to pay.
It is probably going to be easier for you to raise a mortgage against the house than it is for your relative to rasie the money unsecured and pass this over for a deal to be done later.
Their main option would be a personal loan, but this is limited to �25,000 and is still subject to assessment of affordability.
It is probably going to be easier for you to raise a mortgage against the house than it is for your relative to rasie the money unsecured and pass this over for a deal to be done later.
Their main option would be a personal loan, but this is limited to �25,000 and is still subject to assessment of affordability.