Staff Mortgage Question

Bobby_Dazzler24

Hi all

Hopefully someone will have a good solution to my question.

Ok here goes

Me and me partner have a 3 bed house each. but we both live in mine as its detaced and in a slightly better area

My partner has a staff mortgage at .25% above BOE rate (very nice) The bank do not offer this mortgage to staff anymore but we are told that she will keep the rateif moving home.

I have a mortgage with the same bank but is on SVR which is no where near as good.

We plan to sell both houses and buy a bigger newbuild as a future family home.

My problem is that we live in my property which has the SVR rate mortgage and as far as i know would have to sell my property and move into the second property in order to keep the staff mortgage.

Does anyone have any ideas how we can get my partners mortgage on my home?

My partner suggested selling her house and buying my house off of me for what i owe on the mortgage (150k )paying the 1% stamp duty and then putting me on the joint mortgage.

Thus costing us £1500 on stamp duty and a few quid on solicitors fees but can this process be completed easier and cheaper? Seems stupid for her to buy a house that she is already living in!

Ideally we would sell both homes and move into rented to put us in the best position when negotiating with the housebuilder.

Thanks in advance

Bobby

dimbo61

What are you doing with your G/F property at the moment ?
You need to sell your place first as its on the SVR so no exit fees and move into hers then put that on the market ( or see about a part exchange ) and when you sell in a difficult market you should get a great deal on a new build property if you have a good deposit

Bobby_Dazzler24

Hi Thanks for your response

My partners property is currenty vacant with need of paining and carpeting as the last tennants have not left it in the best state.

It really need bringing up to speed anyway id say.

I plan to get the property painted from top to bottom and carpeted with a modern cost effective carpet.

Then once mine is sold we can move into hers and like you say part ex hers for the newbuild.

Slight problem is that im getting lots of viewings on mine but no offers.

Its very modern, clean and contempary but it seems that the right couple have not viewed it yet (been on market 7 weeks) I feel we have it at the right price or at a price that would not scare people away.

We plan to sit it out without reducing the price waiting for the right buyer as im not convinced that the previous people viewing were capable of buying it anyway.

It may be that if we have not sold my property by xmas we will put my partners on the market and once that sells my partner can buy mine thus keeping the staff mortgage and then adding me to it as a joint mortgage. I guess it will cost us 2.5k max but would be worth it as my palce is a joy to live in but just a bit small for what we need/ can afford.

Cheers

Bobby