2 houses, 2 mortgages....

El_Tedistino

Hi all

Really after a little advice if possible:

Situation is as follows:

1. My wife owns a property and has a mortgage on it under her name - accepted an offer of £178k (mortgage is for £129k)

2. I own a property and have a mortgage on it under my name -valued at £205k (mortgage is for £152k)

We both bought these properties before we were married.

We have now accepted an offer on my wife's property and would like to know if it would be possible to transfer my wife's mortgage on to my property and pay off my mortgage (currently on a 5.99% rate).

Any advice/information greatly appreciated - thank you!

If you need more information please just ask.

kingstreet

Not unless she purchases the property from you and her mortgage rate is portable.

dimbo61

When your wife sells her property you could then remortgage and pay the ERC to get out of your existing deal and onto something with a lower rate BUT !
1 she might not want to do that
2 you might be better reducing the term big style from say 23 years down to 6/7/8 years!
Now this will increase your mortgage payment each month but you can then use the £50K sat in the bank and not pay ERC,s
Only an idea

El_Tedistino

Thanks both for your replies - much appreciated