Help remortgage please?

markymark1977

Hi
Is there any solicitors or mortgage brokers or just someone in the know that might be able to help me?
Firstly, I bought the property I live in now 16 months ago and have a 2 year fixed rate. So my first question is when do I start looking for a new mortgage?
Secondly, I bought it with my now x-partner who has agreed that I can have the property. So is it just a case of getting a mortgage in my name and going to a solicitors to sign any paper work over to me? How do I go about this?
And lastly, with the way the ecconomical climate is at the moment what will happen? The house is well into negative equity - will I be able to remortgage???

If anyone could help me please!!

Regards Mark

_Andy_

markymark1977 wrote: »

Firstly, I bought the property I live in now 16 months ago and have a 2 year fixed rate. So my first question is when do I start looking for a new mortgage?

Depends on your lender - you've stated below you're in negative equity so this will rule out a change of lender. Give your mortgage lender a call a few months before the end. Some have different policies (e.g. 3 months)

Secondly, I bought it with my now x-partner who has agreed that I can have the property. So is it just a case of getting a mortgage in my name and going to a solicitors to sign any paper work over to me? How do I go about this?

You will need to apply for the mortgage in just your name. The lender will re-assess income/credit again.

And lastly, with the way the ecconomical climate is at the moment what will happen?

Not sure what you mean - if you mean with the mortgage application it's impossible for us to say.

The house is well into negative equity - will I be able to remortgage???

This means you will not be able to change mortgage lender. You will need to speak to your current lender nearer the time to find out what, if any, deals they will offer you.

Met_Bobby

markymark1977 wrote: »

The house is well into negative equity - will I be able to remortgage???

Not for now

koexelek

Met_Bobby wrote: »

Not for now

Correct, only option is to apply for the current lender to transfer the mortgage to your sole name

Robert_Sterling_3

Why did you not let your X have the house with its negative equity ?

Robert_Sterling_3

koexelek wrote: »

Correct, only option is to apply for the current lender to transfer the mortgage to your sole name

Do not do it because of the negative equity.

Your lender is not likely to release your partner from his joint and several liability anyway.