If possible I would like some help, I have been renting a house of my friend for the last few years, and he now wantS to sell it but I do not think I would be able to get a mortgage to buy it, however he re-mortgaged the property during the boom years and the outstanding mortgage is £265k but the value of the property now sits at around £190k so he has a negative equity of £75k and would need to make this money up out of his own pocket before the bank would release the house. (Is this correct ?)
So my proposal to him was that I was in no rush to move from the property and would be happy there for the next 20 years, so we go to the lender together, and ask them to transfer the debt from his name to my name & transfer the house to my name also, thus releasing him from any bad debt. Also the bank have a new customer who is happy and capable to continue paying the mortgage, and I get to stay put.
To me it seems like a win win all round. But. What I need to know is the even possible, do banks allow this ???
Please can someone help
So my proposal to him was that I was in no rush to move from the property and would be happy there for the next 20 years, so we go to the lender together, and ask them to transfer the debt from his name to my name & transfer the house to my name also, thus releasing him from any bad debt. Also the bank have a new customer who is happy and capable to continue paying the mortgage, and I get to stay put.
To me it seems like a win win all round. But. What I need to know is the even possible, do banks allow this ???
Please can someone help