Sole owner on house being sold, want to buy with boyfriend

Frances99

Hi

I have recently relocated with work - put my house on the market and am currently renting (since it's an area I'm unfamiliar with), originally with a view to buying a property in my new town once the house had sold.

I accepted an offer three months ago - the day the house went on the market! Today we were due to exchange and the buyers have just pulled out as they got cold feet (angry does not go far enough to explain how I am feeling!)

It's now back on the market, but of course three months on, I know my new town pretty well and feel comfortable about finding an area to buy in - it would save me a few grand of mortgage redemption fees if I did buy as part of a chain (as I was two years into a five year fixed rate).

My question really is that I am the sole owner of the property I am selling, but would be purchasing with my boyfriend - how would this work in terms of mortgage? Would I be better off transferring the existing mortgage (which is in my name) and then doing a transfer of equity to add him to it, or is there an easier way?

Sorry, this is the first time I have sold a house - not such a good experience so far! - and the only experience I have of anything like this was going through a transfer of equity with my ex to get the house put into my name. Any help or advice would be much appreciated - I am on the verge of a breakdown!

G_M

The names on the mortgage need to be the same as the names on the property Title.

Ask you current lender if you can add you partner's name to your existing mortgage (and add him to the Title). If they agree, this will cost (£500?). You can then 'port' your existing mortgage product when you move.

The aklternative is to buy the new place in your own name onle and port your existing product, and add your partner later (assuming of course the lender is happy with your partner as a co-mortgagee).

Or, of course, you pay off te existing mortgage (paying the early redemption fee), and get a new mortgage with your partner.

See an independant mortgage broker and/or talk to your lender.

BitterAndTwisted

How much in savings does your boyfriend have to put into this deal?.

Frances99

Thanks for the help all.

He has about £10k to use as a deposit - the majority of the deposit will be mine (from the sale of my house). Obviously would get this written into terms that I have put more in...

Richard_Webster

Ask you current lender if you can add you partner's name to your existing mortgage (and add him to the Title). If they agree, this will cost (£500?). You can then 'port' your existing mortgage product when you move.

Why spend that money? See below.

Lenders often will agree to a new mortgage that "ports" the rate on the previous mortgage being taken out on another property in joint names rather than single. However you do need to understand that there is no guarantee that they will agree to it. Your income and loan to value ratios have to meet their current criteria, not those applicable when you first bought.