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  • FIRST POST
    • collilh
    • By collilh 16th Mar 17, 3:33 PM
    • 5Posts
    • 0Thanks
    collilh
    Adding someone to mortgage & borrowing more
    • #1
    • 16th Mar 17, 3:33 PM
    Adding someone to mortgage & borrowing more 16th Mar 17 at 3:33 PM
    Hi,

    Looking for some advice please. I have had a mortgage in my sole name since 2008. The outstanding balance is currently £55,000 and the property is valued at £115,000. The mortgage is currently with Nationwide, is a five year fixed rate and can be ported to another property.

    I am getting married this year and my partner and I are keen to move house; the properties we are looking at are in the £140,000 to £170,000 range. Based on my current salary alone I wouldn't be able to borrow more on my existing mortgage.

    The interest rate on my mortgage is very good and I would be keen to port the existing mortgage. I'm just not sure whether I would be best to add my partner onto my mortgage and then apply to borrow more funds, or start from scratch with a new mortgage etc?

    Regards,
    Collilh
Page 1
    • ACG
    • By ACG 16th Mar 17, 4:04 PM
    • 15,027 Posts
    • 7,597 Thanks
    ACG
    • #2
    • 16th Mar 17, 4:04 PM
    • #2
    • 16th Mar 17, 4:04 PM
    It is impossible to say as we have no idea of the rate you are, the rates available for the further advances and what is available elsewhere.

    You need to find out what Nationwide can offer you for the extra borrowing and compare that to what is on the market elsewhere. Alternatively you can speak to a broker and get them to do the donkey work.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • kingstreet
    • By kingstreet 16th Mar 17, 4:05 PM
    • 31,549 Posts
    • 16,847 Thanks
    kingstreet
    • #3
    • 16th Mar 17, 4:05 PM
    • #3
    • 16th Mar 17, 4:05 PM
    When you move house, it's always a new mortgage.

    You have the option of porting the rate from your old mortgage to a new Nationwide mortgage with any increased borrowing offered on a new Nationwide product.

    You can do that with our without your partner as a joint applicant.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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