Posted on 18 May 2010 by sakina choudhury
A friend of mine has a joint mortgage with her son, but she no longer wants the property. Her son is willing to take the whole mortgage, how do they go about doing this?
Your friend will have to get their mortgage Lender's permission to do this. The Lender will normally want a simple application form completed and then make an assessment of her son's income and expenditure to make sure the mortgage is affordable on his own.
The Lenders normally charge a small fee for considering a 'Transfer subject to mortgage' and your friend will also need to instruct solicitors to deal with the legal paperwork.
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