Hi gw

There are a number of factors here.

The transfer would need the agreement of the current mortgage company and it is unlikely that they will agree as they assume that any risk of shortfall is greater in one person's name as opposed to 2. You are also under a Trust Deed, so if the property was transferred and repossessed then they could only submit a claim in your trust deed, however at present can pursue your friend.

If there is any equity in the property then your one half share would vest in your trustee. If the property was transferred then the whole equity would vest in your trustee.

It's probably a long way of saying it's unlikely you will get a mortgage while in the Trust Deed unfortunately.

Mark

Thanks Mark

When I took out the deed I was advised at the time that my friend wouldn't be responsible. It would only be the house that would be at risk if the monthly re-payments were not met.

I made an equity payment at the beginning of the deed. I was advised that this would not be looked at again.

My friend is now looking at getting a mortgage of his own and is anxious that he will have trouble obtaining one with his name still attached to mines.

Welcome to the forum gw2001.

I can understand why your friend would prefer to be off the mortgage. When his potential new lender conduct an affordability check they're likely to take this mortgage liability into account and therefore it may well affect their willingness to lend, or the amount that they're prepared to lend.

The issue, as Mark has defined, is that you're likely to find it impossible to remortgage with a new lender currently. Their appetite for risk is very low and they will, unfortunately, perceive you to be risky to lend to. The same is true of your current lender, taking your friend off the mortgage substantially reduces their security so they have little or no financial interest in doing so.

The sale of your home might be an option to assist your friend, though obviously this may well not be something that you'd wish to consider.

Is there any chance another friend could buy out his stake in the house?

Do you know if my friend could force me to sell the property?

There might be a gw2001, but that's probably a legal question rather than one that any of the experts here will have any knowledge about.