Change of title / re-mortgage help

cpisthedbb

I have recently split with my partner whom I shared I joint mortgage with. I want to take the house on in my own name but are struggling with this.

The mortgage is with HSBC and they have said that in order to take the house in my own name I have to re-mortgage in order to have a change in title on the deeds.

I was unable to remortgage with HSBC with not having enough LTV with the current market.

I have however been told by a financial advisor and a mortgage advisor from another bank that you can normally just have a change of title on the current mortgage product without the need to remortgage.

Can anyone shed any light on which is correct as HSBC just told me that re-mortgaging was my only option.

Thrugelmir

Your mortgage application was made on the basis of dual incomes. The liability for discharging and guaranteeing the mortgage was joint. This was the basis that HSBC advanced the money.

Your personal situation has changed. So HSBC will likewise take a different view of the risk it is now taking. You now don't meet the criteria to obtain a mortgage through them.

cpisthedbb

Cheers for the advice. So it looks as though I will have to try and re-mortgage after all which I'm struggling to do. Bloody credit crunch...

Conrad

There is no such thing as remortgaging within the same lender. This is a common misconception. Merely you will be transfering to your sole name subject to underwriting if you stay with HSBC. HSBC will decline if your income is to low to support the mortgage.
Be aware - HSBC 'advisors' are merely insurance sales people. Trust me I know one very well and he tells me if there is little in terms of insurance in a deal, he loses interest and has no motivation to run an application and chase up underwriters. Given that, you may need to somehow deal with head office direct by circumventing the adviser.

cpisthedbb

Conrad wrote: »

There is no such thing as remortgaging within the same lender. This is a common misconception. Merely you will be transfering to your sole name subject to underwriting if you stay with HSBC. HSBC will decline if your income is to low to support the mortgage.
Be aware - HSBC 'advisors' are merely insurance sales people. Trust me I know one very well and he tells me if there is little in terms of insurance in a deal, he loses interest and has no motivation to run an application and chase up underwriters. Given that, you may need to somehow deal with head office direct by circumventing the adviser.

That's interesting actually. Without sounding stupid, how would I contact head office directly? When you phone up customer services they just refer you to on of the advisors at the branches. Which exact department would I need?

Conrad

I don't know the internal structure of HSBC, I merely suggest you attempt to contact someone in the mortgage descisioning (or similar) department as the branch 'advisers' are sales people that in my experience want an easy life and not get bogged down with a 50/50 case - afterall thier managers are on thier backs to deliver results and thier main (only important) target is to sell new insurance.

I know an HSBC adviser and he comes in here stressed and tells me how he is'nt given time to help people as he is merely there to sell insurance. His words, not mine.

Thrugelmir

cpisthedbb wrote: »

That's interesting actually. Without sounding stupid, how would I contact head office directly? When you phone up customer services they just refer you to on of the advisors at the branches. Which exact department would I need?

The decision will ultimately lie with an underwriter, who you won't be able to talk to directly. Thats if you meet the lending criteria in the first place which is a totally different issue.