mortgage Transfer

M

molbanagers

Registered User
Messages
15
I bought an apartment in 2008 with a friend. It was 100% mortgage. We are now in negative equity and she wants to opt out. Unfortunately for me she was not paying on a regular basis and the mortgage went into arrears. This has been sorted now mainly by me paying more than I was required to do. I want to keep the apartment and take over the whole mortgage but not sure if the lender will allow. The problem is if she stops paying i will have to keep paying to keep my credit rating, I would like some advice on how I should proceed.
 
Hi Mol

You will have to provide more information.

Purchase price of apartment
What deposit did you pay?
Where did the deposit come from?
Rough value now
How much is outstanding on your mortgage?

Did you have a written agreement when purchasing the apartment?
If so, what did it say about opting out?

What is your salary?
What is her salary?

She can't just "opt out" - she has a mortgage.

Brendan
 
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