Hi All,
Apologies if this has been posted before (I perused the forums and found similar but not quite.....)
I have a tracker mortgage with a friend on a house that is around 30k in 'positive' equity. He wants out and I want to keep it. Everything is very amicable. I'm happy for him to walk away and even pay him a few quid (probably 15k (half of the 30k))
I need to know a few things though....
1. Can I keep my tracker if he walks away? If not, what exact legal agreement needs to be signed by the two of us (I saw reference to one on other threads without specifying the agreement).
2. I recall seeing a Charlie Weston (I think) article saying you should look for 25% off your mortgage notional amount if you switch from a tracker to a variable. Well, I asked my mortgage provider and they said they don't give any incentive at all. We currently owe aprox. 200k, so, I'm wondering if it is possible for me to switch to another provider and ask for say, 30k off the notional if I switch to a variable (even a variable of 5% on a reduced notional would be manageable). Does anyone know if this is a viable option?
I know these are two very separate issues but any advice on either would be greatly appreciated!
thanks
Apologies if this has been posted before (I perused the forums and found similar but not quite.....)
I have a tracker mortgage with a friend on a house that is around 30k in 'positive' equity. He wants out and I want to keep it. Everything is very amicable. I'm happy for him to walk away and even pay him a few quid (probably 15k (half of the 30k))
I need to know a few things though....
1. Can I keep my tracker if he walks away? If not, what exact legal agreement needs to be signed by the two of us (I saw reference to one on other threads without specifying the agreement).
2. I recall seeing a Charlie Weston (I think) article saying you should look for 25% off your mortgage notional amount if you switch from a tracker to a variable. Well, I asked my mortgage provider and they said they don't give any incentive at all. We currently owe aprox. 200k, so, I'm wondering if it is possible for me to switch to another provider and ask for say, 30k off the notional if I switch to a variable (even a variable of 5% on a reduced notional would be manageable). Does anyone know if this is a viable option?
I know these are two very separate issues but any advice on either would be greatly appreciated!
thanks