New mortgage on property owned outright?

bossdog

My in laws have put my husband on the deeds for their house (all done through a solicitor, thought through carefully and lots of legal advice taken, just in case anyone offers a lecture !) so that they can free up a bit of cash for themselves and enable us to pay off some debts.

Can anyone recommend the best kind of mortgage to look at, it's only for £27,000 (on a £175,000 house which has no current borrowing against it). My husband has a good job but my in laws are pensioners, would it have to be a joint application (as they are all on the deeds)? How long does the process take?

Hope someone can offer some adivce to a mortgage newbie!

Bossdog xx

bossdog

Ok, so I spoke to a mortgage adviser through moneysupermarket, she gave some great advice about our unusual situation, we narrowed the choices down and she went off to agree in principal a mortgage with Halifax. I asked at the end whether the (rather steep) £998 arrangement fee would be negotiable at all given our small borrowing amount and the fact that there is no mortgage to transfer at the moment. She said the arrangement fee was actually only £499 but that the broker fee was also £499. I'm quite shocked at how much her company is charging but as they are already in the process of a credit search, I don't know what to do. Isn't £499 broker fee pretty high for a £27,000 mortgage?!

Bossdog x

luckyfool

bossdog - True, but then for many mortgage brokers they are more likely to charge a fee on very small mortgages, as the amount paid by the lender is related to the size of the loan.