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Remortgage help
VICSH
Posts: 248 Forumite
HI
I have read loads of these thread but nothing has stood out for me that may help, excuse the length of this.
My husband brought our house in 2007 for 169k with 10k deposit, the relationship broke down and he brought her out, due the the outstanding sum on the mortgage his dad was added to the mortgage as dh coudlnt get the amount on his salary alone and the term was reduced due to dad's age.
DH and I pay the mortgage every month and this is on a reduced term (17 years) we have outstanding 138k and the property is worth approx 160k.
We have no other debt and about 12k savings.
We have discussed the option of adding me to the mortgage but I dont want to rock the boat and have to remortgage and we get a worse deal (2.5% currently) is this likely to happen? could we keep the mortgage we are on and do a name change?
If we keep the mortgage as is, would it be wise to overpay the mortgage to reduce term further and this could potentially be a larger deposit for a bigger place?
Is is realistic that I would get a mortgage alone for the additionally and we could tranfers the mortgage from this property accross if that make sense so for example 138k mortgage (DH and Dad) and £60k (Mine only) does it work like that?
DH and I have a combined income of 62k if that helps and no debt we are 30 and 28 respectively.
Thanks in advance for any help?
I have read loads of these thread but nothing has stood out for me that may help, excuse the length of this.
My husband brought our house in 2007 for 169k with 10k deposit, the relationship broke down and he brought her out, due the the outstanding sum on the mortgage his dad was added to the mortgage as dh coudlnt get the amount on his salary alone and the term was reduced due to dad's age.
DH and I pay the mortgage every month and this is on a reduced term (17 years) we have outstanding 138k and the property is worth approx 160k.
We have no other debt and about 12k savings.
We have discussed the option of adding me to the mortgage but I dont want to rock the boat and have to remortgage and we get a worse deal (2.5% currently) is this likely to happen? could we keep the mortgage we are on and do a name change?
If we keep the mortgage as is, would it be wise to overpay the mortgage to reduce term further and this could potentially be a larger deposit for a bigger place?
Is is realistic that I would get a mortgage alone for the additionally and we could tranfers the mortgage from this property accross if that make sense so for example 138k mortgage (DH and Dad) and £60k (Mine only) does it work like that?
DH and I have a combined income of 62k if that helps and no debt we are 30 and 28 respectively.
Thanks in advance for any help?
0
Comments
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Remove father and add you to mortgage and deeds?
Yes, it's a "one-off, one-on" transfer of equity and you'll need the lender's approval first.
If they agree, you'll then need the matter completed by a solicitor. Total cost in the region of £750, I'd estimate.
No it doesn't. Concentrate on the TofE approach.Is is realistic that I would get a mortgage alone for the additionally and we could tranfers the mortgage from this property accross if that make sense so for example 138k mortgage (DH and Dad) and £60k (Mine only) does it work like that?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 -
Thank you would it change our mortgage terms, as we are happy wiht these and they are affordable. woudl you do this before over paying the mortgage?
Thanks0 -
You need to ask the lender. If it will accept the change, you normally see the same terms and conditions continue.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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