Complicated Remortgage

wabmcfarlane

My fianc!e bought a house with her sister 3 years ago. Now that we are getting married her sister would like to move out. Ideally what we would like to do is transfer her sisters deed to myself and remortgage the house in our names so we can release the equity to the sister to use as the deposit for her new house.

This is the first property that I will own and unfortunately I don’t have any saving to bring to the deal. The 3 of us are in agreement about the transfer/remortgage but this seems quite complicated.

Should it be possible to do what we would like? If not are there any other options available to us?

Thanks in advance for your help

Simon_gloster

Hi,

As long as her sister is game and willing to come off, you could apply for a standard re-mortgage (as long as your fiance remians on the deeds).

Assuming their is equity in the property this would be straightforward. If you are looking to borrow extra for your soon to be sister-in-law, lenders may impose an 80% maximum loan to value against the application you are looking to do.

If they are currently above 80%, no new funds would be available to her generally, therefore will she be reluctant to come off?

You'll need solicitors for the deeds transaction (£400-£600 ish), but the lender/broker will help you with that.

leveller2911

OP be wary of mortgage advisors advising you to PM them for advice.

The good ones on here will freely give advice without the need for Private Messages as long as you don't post personal contact info theres no need. The good ones offer free open advice, the bad ones are touting for business.

wabmcfarlane

Thanks. have already been stung by a chancer irl (someone who only wanted to show us the deals making them the most). so i shouldn't be surprised to find chancers here too.

wabmcfarlane

Thanks for the info. have now been offered a re-mortgage that will allow enough extra to buy the soon to be sister-in-law out