Btl

sammy66

I want to re-mortgage my BTL property as the deal has ended. Unfortunatley the majority of lenders will only lend on BTL if you have a min of £25k salary. I have not, but joint with my partner is around £37k. The mortgage/deeds are in my sole name. I would now like to add my partner to the deeds so we can then take on a new joint BTL mortgage. We are seeing a FA in the morning to arrange the mortgage, the deal we have picked offers free legal and valuation, so we need to pick a solicitor to do the transfer for us. Can anyone tell me what the process of having his name on the deed is and costs? I bought the property at below market value (family property) so bought for £80k and the prop was worth £120k. It has now been valued at £160-165k. Mtg outstanding is £88k. Thanks

ps we both have good credit history.

kingstreet

A free legals deal will mean the lender will choose a solicitor of its choice and you'll have none. The transfer of equity to include your partner will not be done free. If the lender's solicitor wants to take it on, it'll add around £300 to the cost.

kingstreet

Sorry, I hit the submit button because there was a knock at the door. I hadn't finished.

Have you looked at the Mortgage Works for the remortgage? They don't look at personal income IIRC. They base lending on rent being around 125% of the interest-only mortgage payment.

As to the legal side, you might be better off looking for a cashback or contribution to legal fees where you can choose a solicitor who will handle the remortgage and transfer of equity for you, with a subsidy from the lender. Often, as mentioned, free legals deals are for the basic stuff only and won't apply if you want a TofE as well.

sammy66

Thanks Kingstreet, we are looking at both the mortgage works and bm solutions.