We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
New Mortgage? or should i transfer existing mortgage?
tomkat2927
Posts: 3 Newbie
Hi
Myself and my partner are in two minds about moving home. The problem lies with the current home that we live in.
My partner bought a house approx 5 yrs ago with his brother being the secondary name on the mortgage. But now that myself and my partner are ready to buy a new home together we're not quite sure if we should sell the current home altogether or put it up for rental purposes with a very reasonable monthly return, but we need to release equity from the house as we don't have a deposit to put towards the new home. There is another option that we've thought about but we're not too sure how easy it is in todays climate, and that is, to apply for a new mortgage in my name as i am a first time buyer?
Please can someone advise accordingly?
Myself and my partner are in two minds about moving home. The problem lies with the current home that we live in.
My partner bought a house approx 5 yrs ago with his brother being the secondary name on the mortgage. But now that myself and my partner are ready to buy a new home together we're not quite sure if we should sell the current home altogether or put it up for rental purposes with a very reasonable monthly return, but we need to release equity from the house as we don't have a deposit to put towards the new home. There is another option that we've thought about but we're not too sure how easy it is in todays climate, and that is, to apply for a new mortgage in my name as i am a first time buyer?
Please can someone advise accordingly?
0
Comments
-
No deposit = no purchase. So only option would be to raise equity from existing home.
How much is it realistically worth and how much is currently owing?0 -
Hi Andy
Thank you for your reply
The current resale value is £290,000 and we purchased the property for £210, 000. We borrowed £20,000 for rennovation etc.
Im also in two minds about the rental potential? We were advised that we can earn up to £1200-1300 per month? But i guess we're no better off as we still need somewhere to live?0 -
What is the agreement with your partners brother ?
£290,000 - £230,000 ( mortgage + loan ) - selling costs = Deposit for home with your income and partners = New home for Mr and Mrs Tomkat
Brother can also buy place of his own with his share ( if any !!)
Who has paid the mortgage over last 5 years ?0 -
Hi
Apologies for the delayed reply
My partners has taken sole responsibility of the repayments of the mortgage and his brother was just the secondary name and hasn't made any contributions towards the repayments.
We're just a little concerned as he has every right to refuse to have his name removed from the mortgage? He my ask to have his share even though he has never contributed0 -
Either change names on mortgage to you and your OH or put property on the market and sell then buy a place together0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards