Remortgage Advice

stoobie

Hi all,

I was just wondering if any of you could give me some advice on mortgages.

At present I have a 7 year old mortage on my property to the tune of 45k. It is a part endowment part interest only mortgage. Basically I pay my monhtly mortgage to pay of the interest, and pay into my endowment to pay off the 45k at the end of the 25 years. (I know this aint gonna pay it off tho - already tried to claim for it but no go!)

I bought this house on my own, but my partner moved in 3 years ago. We have decided now to remortgage the house to have the mortgage between us and also get a bit of cash to get a new kitchen, bathroom, pay off a loan etc. This would also allow us to get a non endowment mortgage, removing the need to save to pay the shortfall. The house is now worth 120k

How does a remortgage work and would I be able to remortgage it at 70k which is above the original price but below the actual value? And would my partner be able to come in with me on a remortgage?

Thanks for any help!

Stu

herbiesjp

Your partner would have to go on the mortgage and the deeds - if you wanted the lender to be able to use their income. There is a cost involved in this transfer of equity, and will not be included in any free legal packages

You would be only borrowing 58% - so as long as your incomes can support the mortgage you should get the best rates out there

HTH