Equity Transfer Question

mortgagehelp777

Basicly i have a mortgage with a friend the fix term is ending in a couple months.
We are in -ve equity The house is valued at £120k and the mortgage balance is £130k.
My friend would like to move and end his comminment to the mortgage and the property and has suggested an equity transfer with my girlfriend wich my lender does offer provinding she meet criteria.

I'm not sure what action to take

Should we get her name on the mortgage then worry about looking around for a better rate after the fix term ends or should we be looking at applying for a new mortgage and buying my house mate out

I guess i'm asking when were mortgage shopping will it help if she already has her name on a mortgage

Thanks Darren

CloudCuckooLand

Have you checked the rate you will drop onto at the end of the fixed rate?

It may be less than you currently pay, or than some of the current deals if you were to shop around, in which case just do a "change of name" - it involves a bit more than that, but shouldn't be too tricky.

Then, benefit from the low rate for say 6 months, but keep an eye on interest rates, to judge when to jump onto a fresh fixed deal.

mortgagehelp777

the svr is 5.99% my lender offers a fixed deal of 5.45% for a 100%+ LVR