Transfer of Equity Advise

dreamypuma

Hi,

I currently have a mortgage under my name with Yorkshire Building Society which is coming to the end of it's fixed rate period.

I would like to take out another Fixed rate product, but add my wife to the mortgage.

She is offering to pay a lump sum off our mortgage, which we are hoping to use to reduce the term from 20years to 15years.

For her lump sum payment, I would like to transfer 33% of the equity to her in the property.

Using a broker we have found a mortgage which includes the legals, but works out £720 more than staying with our existing provide (over a 5year period). If we stay with YBS, we would probably incur the cost of the legals.

What kind of fees should I expect to pay for the legal aspects of this? would the addition of my wife to the mortgage, incur further application fee?

Thrugelmir

You'll need to reapply for a joint mortgage. Look for a mortgage where the legals are paid for. The solicitor handling the remortgage will deal with the paperwork to reflect the capital injection by your wife. This is a seperate issue to the remortgage itself.