Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

novation

Posted on: 20th Jul, 2010 11:48 am
i own a second house with a partner. i would like to get out of the house and have a third party willing to buy. i was wondering if the third party could take over responsibilities of the mortgage and ownership by way of novation and relieve me of those duties. and if so , would this be a less expensive way to go???
hi scotts,

you can quit claim your share of the property to a third party who can go for a novation and release you from the mortgage payments. however, it would be your lender's discretion whether or not he would agree to a novation. most lenders prefer refinance over a novation.

thanks
Posted on: 20th Jul, 2010 11:59 pm
Page loaded in 0.071 seconds.