Changing name on mortgage / Sole name

[Gertie]

Hi all,

Looking for some advice on the following,

My boyfriend bought a house back in 2007, he was due to buy the house with his girlfiend at the time but they split up, considering he couldnt get a mortgage on his own his sister went on his mortgage but from day one he has paid on his own she has never made any contribution, she has never lived in the house etc, we have been together 6 years and I have paid my half since I have moved in so paying the mortgage is never a problem in fact we pay over what is expected each month...

Anyway long story short, his sister now wants to buy a house with her boyfriend but because she has 2 mortgages in her name, her own house and on my boyfriends (her brother) there is only one bank that will give her a mortgage but at a very high rate meaning my OH (her brother) will have to pay X amount to her to cover the excess she has to pay which over the 30 years they are getting there mortgage for will be 30k + but eventually 5/6 my OH and I will sell up and plan is to build our own house he doesnt really want to agree to this as if we sell up in 5/6 years he will still have to pay her over the years even tho the mortgage with her name will be non existent.


We are currently trying to sort it out at the moment which is proving very stressful for both my boyfriend and his sister...

OH is with AIB, the house is worth more today than is left on the mortgage if we prove this to the bank would they allow it in his name only?

Has anyone been in a similiar situation, what was the outcome? If we get it in joint name keeping tracking he think he will have to pay 10k now.

 

[Brendan Burgess]

Your post is all over the place and so it's very difficult to follow.

Edit it using shorter sentences and fewer clauses.

Maybe also provide some numbers such as the size of the mortgage and your salaries.

Brendan

 

[cremeegg]

If I understand your post correctly.

Paying the sisters excess mortgage costs over 30 years is a crazy plan.

The bank will not easily allow the sister off the mortgage. Can you be added to the mortgage, if you are a good credit risk they might agree to that.

Or you and your boyfriend might be able to remortage the house in both your names without the sister.

I dont understand what is meant by "he will have to pay 10k now", but any such cost to regularise the situation might be well worth it.

 

[Monbretia]

Your boyfriend needs to check with his bank if he can take over the mortgage in his own name, this will be dependant on his income.

Is it a tracker mortgage though?

If his income is enough to take it over then problem solved, next option would be take out a new mortgage in his name and yours if your combined income is sufficient.

If you can't qualify income wise then the bank is not going to take the sister off the mortgage.

Don't know what your reference to 10k means either.