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NRAM question please :)
robjoe2010
Posts: 33 Forumite
I'm attempting to add my partner to my NRAM mortgage to get my ex husbands off. The mortgage is in 3 parts, £125000 mortgage and 2 secured loans.
Can I leave the secured loans as it all totals 100%? I want to move the actual mortgage to another lender.
Thankyou x
Can I leave the secured loans as it all totals 100%? I want to move the actual mortgage to another lender.
Thankyou x
0
Comments
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Can you confirm the two loans are secured, not unsecured?I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thanks for your reply Kingstreet
They are both secured on the property.0 -
In short, no.
The better way to have done this would have been as a simple remortgage into joint names with a new lender and a transfer of equity.
However, if the loans are secured and the total secured borrowing is over 100% of the value of the property, you aren't going to be able to remortgage. You need equity, like a deposit when you first buy, to give the lender some security you have something to lose by not paying.
On the basis you can't change lenders, you could continue with a transfer of equity to remove your ex and include your current partner on your NRAM mortgage, but this will need to include all three secured commitments, and the ownership of the property has to change, not just the commitments. Names on deeds and names on secured credit have to match.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I thought this might be the case. I've already started filling in the relevant paperwork, my partner is happy to go onto the mortgage with me to get my ex off so that's not a problem thank goodness.
Thanks for your help, much appreciated0 -
Sounds like a good bloke if he'll take on someone else's debts to help you out.
I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Oh he is
A bit different from the ex, the cause of all the financial mess in the first place and why we're now divorced 0
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