Seperating joint mortgages without buying 1 party out..?

[barbican]

I took out a residential mortgage with my mother 4 years ago but now wish to to buy a place with my partner. Any advice on how to get my name taken off the mortgage without my mother buying me out? She's retiring next year and has been paying the mortgage by herself since we bought the property. I also have a buy-to-let property but it's only a year old and there is no equity to use as a deposit on a new place. I have no savings and it would take 18 months to save a deposit for a house by which time prices would rise again! Any advice is gratefully received!

[Financewiz]

The process is more of a legal one than a financial one, but the lender will need to be told nonetheless. As long as your mum can afford it then it shouldn't cause a problem.
Ask a solicitor to prepare a transfer for nil value. It's called a TR1 form and they will normally transfer it for about �50. Let the lender know that you will have no further interest and that your name should be removed, send a copy of the TR1, they might charge a small admin fee for the transfer but that should be the end of it.
If you already have a buy-to-let and your name is on another mortgage then technically you should consider let-to-buy but that won't solve your problem!
My idea is that you talk to a lender like Birmingham Midshires who don't mind you having more than one mortgage, you need 100% of the loan to value so check out some other lenders that specialise in let-to-buy as well. BM will give you high street rates considering your circumstances. Hope this helps.
I normally specialise in seperation and divorce but I thought I might be able to help here. Check out the site at www.redcubemortgages.co.uk it has some helpful tips.
Any more info required e-mail or stay on this thread and I'll keep checking.

[barbican]

Just wanted to say thank you for taking the time to reply. I'll look into the options you suggested and let you know how it goes! Thanks!