Single to joint mortgage

captain1000

Afternoon, my fixed term mortgage rate ends in November. I have the mortgage on my own. My partner and I have seen a house that we both want and could easily afford between us. Question is, obviously I have to sell my house and pay the early settlement figure. Can I then just add m partner to the mortgage and ask for the additional funds for the new house? Or do we both then have to apply for a new mortgage?

captain1000

Thinking out loud, but would it be easier to add my partner to my existing mortgage first ?

sockpuppet

You should only have to pay an early repayment charge if you sold your house before the current fixed term ends in November (check your mortgage offer)
I wouldnt bother adding your partner to your current mortgage if you are going to be buying a new property together as this would cost you around £300-£500 for a Transfer of Equity, then you would have to apply for a new mortgage together for the new property anyway
You would probably be better not completing on the sale of your current property/purchase of the new property until this time

Is your current mortgage product portable to another property? again, check your mortgage offer and see.

Thrugelmir

You will both need to apply for the new mortgage. Best to do when you move house.

star4876

As above really, treat them seperately.

Put your house on the market and get it sold as it is. Theres no point in adding your partner to the mortgage at this stage because it will cost you money to do it and you won't gain anything. If you sell after your fixed term in November you won't have any early repayment penalties to consider.

Apply for a new mortgage for your new house in both your names. You can do this through your current bank if you're happy with them, but my advice would be hit the market and find the best deal.