Anyone got any experiences with assuming a mortgage? My partner & her ex still have mortgage & property in joint names & despite him not paying a bean of it for years, on paper she can’t get a new mortgage to cover it without me being added & costs going up by about £500pa. Currently 200k is on interest only & a nice rate whilst a further £30k is on repayment at nearly 10% 😯 Bank are telling us that we can’t take over the existing mortgage without changing it to repayment & upping the rate but quick google suggests we might be able to assume it – anyone any experience of this, ideally we would assume the £200k & pay off the £30k with savings (we can’t do that at present as it would likely gift her ex £15k in equity if we are not careful).

Edit – further googling suggests not necessarily possible in UK 🙁

Dickyboy, there’s potentially another option by using a lease option.

I can recommend someone very, very good who’ll advise you FOC in the first instance and then if you go ahead, pretty sensible fees. Email in signature.

You can complete a transfer of equity / title. So long as the leaving party agrees and signs the legal papers. Your quoted fees are correct. With the lender it is subject to standard lenders underwriters. It should not affect rates etc.

Hmm, transfer of equity maybe sounds possible, looks like it is time to consult the professionals

Andy – dun’t know what the lease option would entail but good advice is certainly what we need, will email you