adding joint names, along with buying new house

skywalker1

Hi, wonder if anyone can throw some help or a hint on how best to proceed in my current and expected situation regards mortgages.

Currently:

I own my house, £120k value with £70k mortgage.
My girlfriend owns a £70k flat she rents out with a £70k mortgage, (100% mortgage!).
She lives with me now under my house/mortgage.

We are looking at buying a new house together next year for around £200k, selling both flat and house, and using my equity as the deposit. We may draw up some legal papers to state the chunk of money remains mine if we split.

My current mortgage rate is around 1.25% and has been for a couple of years as it left the fixed rate deal and just ran on a tracker. So is hers.

I believe you can move house and keep your existing provider and rate, with the extra mortgage lend needed assessed on a new rate, I guess these days around 4%.

Problem is, the girlfriend would want to be named jointly on it too. Does that constitute a whole new mortgage deal, and so lose the low interest rate on the first £70k? Would involve me getting the house under only me, then swapping over to joint soon as?

Thanks for any advice in this situation!

Wh05apk

?You should be able to port the deal to a new mortgage in joint names - subject to lenders criteria.