Remortgaging and changing name on mortgage, completely clueless, HELP!!!

stayton1

I have been living with my partner for two years in a house he bought with his brother in 2007. They each put in 40k and now his brother wants his 40k back.

House price 203k.
Our joint salary 50k.

I don't have 40k to put into house so we need to remortgage and put our names on it rather than my partner and his brothers.

Anyone know how to go about doing this and what the costs involved would be?

Any tips and advise most welcome!

Many Thanks

herbiesjp

You need to do a transfer of equity at approx £300

If staying with your current lender you will need to ask permission and they will assess if you meet lending criteria.

If moving to a new lender they will do exactly the same - make sure you and partner fit lending policy.

What is the current mortgage balance? You will then need to add £40k to this, in order to pay back his brother.

Any other debts? Children? Adverse credit history?

anh1904

Does the brother not want any of the equity to boot?
If he put £40k in and the property has doubled, is he not entitled to £80k?

beecher2

anh1904 wrote: »

Does the brother not want any of the equity to boot?
If he put £40k in and the property has doubled, is he not entitled to £80k?

The property won't have doubled in value since 2007 - it has more than likely gone down since then so the brother wouldn't be entitled to 40k.

Alter_ego

Has the brother been keeping up his half of the mortgage payments?

kingstreet

stayton1 wrote: »

I have been living with my partner for two years in a house he bought with his brother in 2007. They each put in 40k and now his brother wants his 40k back.

House price 203k.
Our joint salary 50k.

I don't have 40k to put into house so we need to remortgage and put our names on it rather than my partner and his brothers.

Anyone know how to go about doing this and what the costs involved would be?

Any tips and advise most welcome!

Many Thanks

House price £203k now, or when purchased?
If now, how valued?
Mortgage details - original loan, amount outstanding now?
Brother wants £40k, or £40k plus what it's grown to in equity?
If so, purchase price and first bit of postcode, ie DG16?