Help with mortgage

chanty_2

Hi, i am new to all this, so please forgive me if i come over thick!

I am currently living with my partner in her house which she has been paying a mortgage on for a number of years. Her mortgage is due to end at the end of April and we wish to add my name to a new one.

Does this class myself as a first time buyer? or do we just need to look to remortage which adding my name on to it?

Any help wold be greatly received. Thanks.

kingstreet

You apply jointly for a remortgage and during the process the solicitor doing the legal work will also do a transfer of equity. If you go for a "Free legals" deal, expect to pay for the extra work involved in the T of E.

Thrugelmir

You'll need to remortgage the property to add your name. To do so you'll need to make a full new mortgage application which will be subject to current lending criteria.

You should consider consulting a solicitor to draw up an agreement to protect your partners existing equity in the property, and agree a division of future equity should you seperate.

chanty_2

Okay, thanks! Do you have any idea how much the charge would be for sorting out the transfer of equity? Also can you suggest any good fixed rate mortgages. Sorry this is the first time i will have had anything to do with mortgages, so a tad confusing to me at the moment.

Crashandburn

£200 plus vat normally

Crashandburn

Oh and go see a whole of market adviser re the fixed rate questions

chanty_2

Thankyou very much for your help! If using a financial-mortgage advisor i presume they will charge a fee for there help?

Crashandburn

chanty wrote: »

Thankyou very much for your help! If using a financial-mortgage advisor i presume they will charge a fee for there help?

Some do charge and also get a payment from the lender. Some just get paid by the lender. Some charge you a fee and refund to you any money they get from the lender.

All different ways of doing it but try your best to get an experienced adviser