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Advice Remortgaging with different joint mortgagee
Lucy88
Posts: 6 Forumite
Could anyone out there help or direct me to help please?
Have recently split from husand who is happy for me to have property + mortgage as long as he doesn't have to contribute. The property has a 12 year mortgage and has equity of approx £250K. It also includes my daughter's business which is begiinning to take off.Can I remortgage over a longer period with my daughter as joint owner over a longer period to make the payments less.? This would also help inheritance tax.. How do I go about it? My credit rating is OK.
Have recently split from husand who is happy for me to have property + mortgage as long as he doesn't have to contribute. The property has a 12 year mortgage and has equity of approx £250K. It also includes my daughter's business which is begiinning to take off.Can I remortgage over a longer period with my daughter as joint owner over a longer period to make the payments less.? This would also help inheritance tax.. How do I go about it? My credit rating is OK.
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Comments
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You would need to do a transfer of equity to take off your ex and add on your daughter.
In terms of whether you will be able to do it at all, will depend on your joint incomes, debts etc, and whether the income can be proved. In your favour is the equity you have in the property
HTHI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
What's a transfer of equity? Is it a witnessed statement to say he agrees to my owning the property?
What do you mean prove income? We have invoices receipts etc for the business and I am on a permenant contract with local LEA with regular salary.0 -
You need to contact a solicitor and your hubby has to agree to be taken off the mortgage but also the lender has to give their OK.
To get the lenders OK can be gotten if your income and your daughters income can support the mortgage. If the lender is OK with it then you can go ahead and take your husband off and your daughter on.
As for the length of the mortgage the lenders like a mortgage to end before the oldest is going to be 65. However they might agree into lending into your retirement.
Speak to your lender to find out their procedures and get some figures from them. You might also want to speak to a broker if you are older and need a lender willing to lend way into retirement and also if the income does not fit your present lender.0 -
Thanks that's really helpful.Can you suggest how to go about finding a broker?0
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look in your local phone book and check out the section mortgages. Go for the small local adverts. Ignore the large national ones as they are usually large fee chargers.
Ask if they are whole of market, independent, fees free brokers.0
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