Remortgage advice

MrGeoff1

Good morning all

Long time watcher first time poster!

Please can anyone offer some advice to me. We are currently in the process of remortgaging and our ifa has told us that due to the OH's recent credit history (prior to about 2 years ago was good), we will have trouble in obtaining a joint mortgage in the current climate.

This is where the problem lies. The ifa has told us that the way forward is to remove the OH from the deeds to our property and then to apply for a mortgage on my own (which will not be a problem).

Whilst I am not entirely comfortable with this, the OH has agreed to proceed down this route and we have set up an appointment with a solicitor next week to go through this.

However, rather than wasting time (and money!) seeing the solicitor, does anybody see any problems with this and would we be able to add the OHs name to the mortgage at a later date?

Thank you for your help

MrGeoff

_Andy_

Why do you not, instead, keep the mortgage with the same lender? If you're not borrowing any extra this would mean no credit checks would need to be done.

herbiesjp

First port of call is always your current lender

See what deals that can offer you - even if the rate is not as competitive, the property will still be in both names and a lot less hassle

MrGeoff1

Thank you for your replies. The bizarre problem is that our current lenders will not lend the same amount to us (even though my wages have increased) hence the need to move lenders!

Has anybody heard of this problem before?

_Andy_

is the mortgage currently in joint names?

MrGeoff1

Yes the mortgage is currently in joint names

_Andy_

So, to clarify, are you saying the current lender won't offer you a new deal even though you're not increasing the borrowing amount?

MrGeoff1

Yes our current lender will only offer us less than we currently have borrowed with them

_Andy_

I'm a bit lost to be honest - they don't need to offer a loan amount at all as you're already with them.
Normally you could just choose from a new rate.
Which lender is this?

MrGeoff1

HSBC. I wonder if it has anything to do with the OH's credit now. They did the credit checks and come back with the lower amount. Also, we originally went to an in-branch mortgage advisor and this time did it over the phone. Would that make a difference?

_Andy_

I'm lost as to why any credit searches were done.

If your mortgage is with HSBC and it's staying in joint name and you're not borrowing any more then no credit checks are done, they will just offer you a rate depending on LTV.