Posted on: 29th Jun, 2009 06:18 pm
hello. my current boyfriend and i would like to purchase a house together, however he and his previous girlfriend took out a mortgage together about 6 years ago. she and his children still live in the property and are really not in a position to sell. she also is not in a position to refinance and take over the loan completely as she doesn't have the income. would a novation be a possibility for my boyfriend to get out of the mortgage?
Miridan
Novation could be a good option but for that all the parties (your boyfriend's ex-wife also ) should agree to the revised conditions.Apart from this mortgage lender should also be ready for new terms.
So in nutshell you need to convince two parties then only novation will be achieved in practical way.
keep in touch.........
Novation could be a good option but for that all the parties (your boyfriend's ex-wife also ) should agree to the revised conditions.Apart from this mortgage lender should also be ready for new terms.
So in nutshell you need to convince two parties then only novation will be achieved in practical way.
keep in touch.........
Hi Miridan,
It is unlikely that the lender would want to take your boyfriend's name off the loan through the novation. His ex-girlfriend is in no position to take over the responsibility of the loan. She does not have the income to afford the mortgage payments. In this situation, no lender would want to take your boyfriend's name off the loan. A refinance is the only way to get him off the mortgage. However, with the financial situation his ex-girlfriend is currently in, a refinance does not seem to be a possibility.
It is unlikely that the lender would want to take your boyfriend's name off the loan through the novation. His ex-girlfriend is in no position to take over the responsibility of the loan. She does not have the income to afford the mortgage payments. In this situation, no lender would want to take your boyfriend's name off the loan. A refinance is the only way to get him off the mortgage. However, with the financial situation his ex-girlfriend is currently in, a refinance does not seem to be a possibility.
Thank-you both for your responses!