Call us on 0344 346 3672
or arrange a callback

I'm on my brother & sister-in-law's mortgage, can I get another in my name?

Posted on 4 November 2012 by adil


I am a house owner with an outstanding mortgage of only 1000. My brother and sister in law bought a house and my name is with them in their mortgage to help them buy the house. That house is worth £275000 and outstanding mortgage is £200000 pounds.

I want to buy another house worth £200000 pounds and I have £75000 deposit salary £43000 per annum. pls advise?

Adil,

Before we can give you a clearer idea of what you can or can't do, we would need a lot more information realating to your circumstances and also that of the mortgage with your brother and sister in law. Are they in a position now to take the mortgage in their own names or will you need to remain on the mortgage? Is this new property you want to buy for you to live in ?

The transaction in isolation is no problem, it is only the liability of the extra £200000 from the other mortgage that makes this a tricky case to place.

If you'd like to speak in more detail, then please let me know and I'll put you through to one of our consultants to see if they can assist.

Regards,

Simon

simon.collins@johncharcol.co.uk

More than mortgages, talk to me about:

Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance

General Insurance | Valuations | Conveyancing | Wills | Home finders

 

 

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.


Legal

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.

John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.