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moving in with partner. getting a remorgage
jockettuk
Posts: 5,809 Forumite
I will be moving in with my partner in july, with my 10 yr olds, im selling my house and will be left with a good amount of money left over. we are looking at protecting all our interests and also he is looking at a remorgage that he is holding off getting till its time for us to move in. Thing i want to know , i wont be working straight away, if i put down a lump sum to reduce the morgage when we remorgage will this mean i will then be on the morgage etc.. We are going to change our wills to take into acct our changes to protect us all, i was just wondering whats the best way to go with a remorgage now there will be 2 of us living there.. we have also talked of moving but like the house as we both picked it a few yrs back
Those we love don't go away,They walk beside us every day,Unseen, unheard, but always near,
Still loved, still missed and very dear
Our thoughts are ever with you,Though you have passed away.And those who loved you dearly,
Are thinking of you today.
Still loved, still missed and very dear
Our thoughts are ever with you,Though you have passed away.And those who loved you dearly,
Are thinking of you today.
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jockettuk wrote:I will be moving in with my partner in july, with my 10 yr olds, im selling my house and will be left with a good amount of money left over. we are looking at protecting all our interests and also he is looking at a remorgage that he is holding off getting till its time for us to move in. Thing i want to know , i wont be working straight away, if i put down a lump sum to reduce the morgage when we remorgage will this mean i will then be on the morgage etc.. We are going to change our wills to take into acct our changes to protect us all, i was just wondering whats the best way to go with a remorgage now there will be 2 of us living there.. we have also talked of moving but like the house as we both picked it a few yrs back
IMHO Protection of your childrens interests are the most important issue here. I would suggest remortgaging only if their are tangiable financial benefits, such as reducing the interest rate charged. You could contribute in other ways such as paying your share of the mortgage from the capital.
Otherwise,you could consider an offset type mortgage where the amount you put in is easily identifiable as yours.
(Sorry, i probably don't come across as an old romantic!!!
)
If you do decide to remortgage it will all down to the loan in relation to your conbined income and loan size in relation to the value of the property. As I always say, consult a good broker, preferably one that friends or family have used and recommend.
Good Luck!!!!!!!!I am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0 -
half my money is going into a trust fund for my daughter and we are writing wills to make sure my daughter is well protected in the event of anything happening to any of us.. his morgage is quite high at them moment and he will be able to remorgage by june of next yr so as he is going to do this anyway we just wanted to know whats the best option.. to protect all our interests..Those we love don't go away,They walk beside us every day,Unseen, unheard, but always near,
Still loved, still missed and very dear
Our thoughts are ever with you,Though you have passed away.And those who loved you dearly,
Are thinking of you today.0 -
then consider an offset of the same amount as the existing mortgage and link a savings "pot".
Unless you want to fix your rate, you should be able to get BBR+ 0.5% (ish) for life with some very good flexible benefits.
I would urge you to take qualified and indemnified financial advice regarding the matter of the trust fund because you could lose control of the money.
Good Luck with this new chapter in your life.I am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0 -
thank you and yes will get financial advice .. excuse my ignornace but what is BBR i just know im going to say oh of course it is lol..stanmoresaver wrote:then consider an offset of the same amount as the existing mortgage and link a savings "pot".
Unless you want to fix your rate, you should be able to get BBR+ 0.5% (ish) for life with some very good flexible benefits.
I would urge you to take qualified and indemnified financial advice regarding the matter of the trust fund because you could lose control of the money.
Good Luck with this new chapter in your life.Those we love don't go away,They walk beside us every day,Unseen, unheard, but always near,
Still loved, still missed and very dear
Our thoughts are ever with you,Though you have passed away.And those who loved you dearly,
Are thinking of you today.0 -
jockettuk wrote:thank you and yes will get financial advice .. excuse my ignornace but what is BBR i just know im going to say oh of course it is lol..
Sorry slipped into "broker-speak" Bank Base Rate- currently 4.5%I am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0 -
Whether or not you are on the mortgage and share ownership of the property is up to you and your partner. I think it is independent of whether or not you contribute to the mortgage or how much if anything you do contribute................................I have put my clock back....... Kcolc ym0
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