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Taking over part of Joint Mortgage

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  • 08-07-2011 2:12pm
    #1
    Tommy Max
    Registered Users Posts: 235 ✭✭


    Basically there is a joint mortgage. One of the people involved does not live in the house and would ideally like to get out of the mortgage payments.

    Is it possible for another person to take over? Or how best should a situation like this be tackled? Is it a simple process and what are the options?

    Basically the new person would then be the joint owner.


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    #2
    Spiritofthekop
    Registered Users Posts: 436 ✭✭Spiritofthekop


    Tommy Max wrote: »
    Basically there is a joint mortgage. One of the people involved does not live in the house and would ideally like to get out of the mortgage payments.

    Is it possible for another person to take over? Or how best should a situation like this be tackled? Is it a simple process and what are the options?

    Basically the new person would then be the joint owner.


    I tried this too & the Banks wont do it anymore. Well the Bank i asked would not do it anymore, they used too though.


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    #3
    phormium
    Registered Users Posts: 3,339 ✭✭✭phormium


    It is far from a simple process. Are you asking if the other party to the mortgage can take it over? If so, then the bank will treat it as a new mortgage application for the full amount of the loan and the persons income will have to be sufficient for the loan based on todays underwriting criteria. Not that easy these days and if there is a negative equity situation then no go I would say. If you are asking could someone else other than the joint mortgage holder take over as joint on the mortgage, then pretty much same situation, they will have to apply jointly for new mortgage and subject to all underwriting again, plus there is going to be a legal cost either way as the title to the property is changing.

    It's not so much a case that banks won't do it, it's just that hardly anyone can qualify for a mortgage these days and add to that a negative equity problem and these type of transfers are non runners.


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