Taking over a mortgage...

[robbiebob]

I am currently renting a property direct with the landlord.. His circumstances have changed, and by his own admission, he is struggling to find the shortfall between the rent I pay and the cost of the mortgage.. I have been accepted in priciple on a mortgage but don't have the deposit. Is there ANY way I could take over my landlords mortgage(he sells to me) without having to find a large deposit for the bank??? He is tied into a three year fixed mortgage, but I doubt very much he will be able to continue to pay and have no chice but to default.. Any advise would be greatly appreciated. Thanks Rob

[robbiebob]

????????????????????

[buildersmate]

There's no need to act impatient. We don't sit around on AB waiting for questions to turn up, you know.
If you think carefully about this, you will see this as a non-starter. The implication of what you are suggesting is that you buy the property off the landlord. To do that, you will have no choice but to pay property transfer tax (1% up to �250k, 3% above that, assuming less than �500k), use a solicitor or similar to help you with the transfer and fork out for surveys etc.
If the landlord defaults the lender will of course repossess - and want to sell for as high a price as possible - but in a difficult market. You cannot just assume that selling price would be the same as the outstanding mortgage on the landlord's loan.

[Twenty20]

Or the shorter answer, NO you can't take over someone's mortgage.

[robbiebob]

Buildersmate, I wasn't acting anything, I really was impatient....... Thanks for your replies tho!!!! 8 0)