Remortgaging and mortgage deeds

Teeracey

My fixed rate mortage ends in July so I would like to arrange a new mortgage. My problem is that I'm not currently working (tho I have savings and redundancy cover for my mortgage). I have spoken to London and Country and they have (not surprisingly) said that there is no way I will get another mortgage by myself. Therefore my partner, who moved in a year ago and currently pays me rent, is going to go in on the mortgage with me. I have a few questions:

- Does my partner have to be on the house deeds to be on the mortgage? I have no intention of trying to diddle him out of anything its just that we are likely to be buying a place together next year and I'm loathe to spend so much on legal fees twice if i can avoid it
- I want to get a doc drawn up agreeing how the equity would be shared should we split. Currently the mortgage is £95,000 and i think the flat is worth £190,000 so currenlty i own 50% of the property. How do I protect that?

I'd really appreciate any advice before i start paying hefty legal fees.

Thanks.

payless

If not trying to borrow more- have you looked at whether existing lender will give you a "renewal deal"

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If doing on with a new lender, then yes, their name will be on "deeds" unless its done as a guarantor ( although many lenders would not want to do on a guarantor basis in the case you describe)

Teeracey

thanks, I'll have a look into that

HelpWhereIcan

Teeracey wrote:

- I want to get a doc drawn up agreeing how the equity would be shared should we split. Currently the mortgage is £95,000 and i think the flat is worth £190,000 so currenlty i own 50% of the property. How do I protect that?.

This is common and is called a deed of trust which a solicitor dealing with any remortgage should be able to advise you on. As well as this, you may also need to pay for a transfer of equity to get him added to the mortgage so your remortgage would cost more than a straightforward one and deals offering 'free legals' will not cover this part of the solicitor's work.

Hope this helps