Advice on remortgage

misterthrifty

Hi
I would appreciate some advice on a re-mortgage for a friend.

When she divorced a few years ago her ex was shown on the deeds as being entitled to 1/3 of the net value of the house when the children reached maturity. My friend has offered him £40 to give up his right though she will need to re-mortgage to raise the funds.

She currently has an offset mortgage and owes approx £8k on a £30k mortgage after using the overpayments she has built up in the offset account so she will need to borrow just under £50k on a property worth £200K+

The ideal mortgage would be interest only and no tie, or no longer than 2 years, no fee or as little as poss.

Advice appreciated on where the best deals would be, First Direct seem to come up well on comparison sites, or broker. Any difficulties she should anticipate and what costs she may face to re-mortgage.
TIA
Mr T

getmore4less

Start with existing lender and see what they will offer.

Income and age will be the limiting factors on lending and term, LTV is fine.

Interest only, how is she going to pay off the debt?

misterthrifty

Age 46, earnings approx £23k, she plans to put what she can into an ISA

getmore4less

20year £50k @ 5% needs about £330pm(Interest and capital either repayment or ISA)

A 15y loan would be £396

As I said current lender is the first option that sets the benchmark for any alternative lender.