Transferring a mortgage

Hi

I have a query about the best way to go about transferring a mortgage. My situation is this: I own a house with my sister and she wants to sell her half. My boyfriend who lives in the house is prepared to buy her half but we are not sure of the best way to go about it. If the bank allows it he was going to take over her share of the mortgage and pay her the difference. We are waiting for the bank to come back to us but has anyone ever done this before or does anyone have a better suggestion. Thank you.

As far as I know it will be a new mortgage (you and your boyfriend) to buy out you and your sister. As such, you're not stuck with your current lender and can shop around.

Liam D. Ferguson

Don't forget to do up a legal agreement with your boyfriend, this is most important.