Fixed rate up this year

loopylousue

Hi Everybody

Been hanging about for a while and now taking the plunge.

Just wanted a bit of advice my 2 sons bought a property 2 years ago and rented it our for about a year then about 6 months ago no.2 son and gf moved in. No. 1 son moved into rented flat with gf. No. 1 son now wants to buy house with gf, no.2 son wants to stay in house with gf, problem being mortgage in name of sons, would they be able to get a re-mortgage or have to get a new mortgage with no.2 son and gf. Any advice appreciated.

trulysaintly

loopylousue wrote: »

Hi Everybody

Been hanging about for a while and now taking the plunge.

Just wanted a bit of advice my 2 sons bought a property 2 years ago and rented it our for about a year then about 6 months ago no.2 son and gf moved in. No. 1 son moved into rented flat with gf. No. 1 son now wants to buy house with gf, no.2 son wants to stay in house with gf, problem being mortgage in name of sons, would they be able to get a re-mortgage or have to get a new mortgage with no.2 son and gf. Any advice appreciated.

Firstly, an existing mortgage can be transferred into different names, if one borrower wants to come off and be replaced by another. This is called 'transfer of equity'.

To move this forward your sons would need to visit their existing lender and discuss the options. You would still need to use a solicitor through the process - consult a solicitor before you begin.

Please note the existing lender does not have to agree to the request.

An alternative may well be to process the change through a remortgage.

If in doubt, consult an independent mortgage adviser.

loopylousue

Thanks very much will let my sons know and hopefully sort things out.