Mortgage Addtional Funds to move

Dave43_2

Hi,

Hoping someone can advise.

Looking to move home, bank have agreed additional 35k but may need extra 10k. Might need to put girlfriend wages and name on mortgage for extra - would I just put the girlfriends name down on part 2 of the mortgage ( ie additional funds ) or would I have to re-apply for a whole new mortgage therefore having to pay redemption penalties on my existing mortgage.

Thanks

Richard_Webster

Check with your lender, but with most of them they will only lend to the person or persons who own the property being mortgaged. Therefore girlfriend will need her name on the title of the property you buy. In turn that means that she must be a joint borrower with you on the main loan.

Lenders will vary, and mortgage experts will know more about this, but I have certainly encountered situations where a person had some kind of fixed rate or whatever, that he wanted to "port" to a new property which was being purchased in joint rather than sole names and the lender agreed to this without payment of any penalties. So I would say it may be possible but just depends on the individual lender's terms and conditions.

Dave43_2

Hi,

Thanks for this information - much appreciated.