(re)mortgage questions

debsinbrighton

Hello,

Our fixed rate mortgage with Natwest is coming to an end and I wondered what I should do next.

My partner and I bought our flat together, but the mortgage had to be taken out in my name only because at the time he was on a temporary contract at work. This means that he is not on the deeds of the house. He is now in a permanent job and we would ideally like to now add his name to the mortgage, and the deeds. Does anyone know how we go about doing this?

Also, when we took the mortgage out, it had to be over a 33 year term as, based on my income only, the bank would only lend over a longer period. However we have overpaid by around £150 per month, every month and our original plan was to reduce the term to 25 years when we remortgaged, as 33 years sounds like a long time.

However, although we can afford the higher payment at the moment, I am currently pregnant with our first child so with a combination of maternity leave, followed by working reduced hours and/or childcare costs, money will be tighter over the next year or so. Is there any disadvantage to just continuing with the current arrangement, ie. we overpay every month so long as we can afford to?

Apologies for any silly questions, I took out a mortgage two years ago and haven't given the subject a single second's thought since then!

Thanks

Morgage_Confused

Dont reduce the term.....just overpay as you are. The term will come down anyway doing this. Dont ask the bank to reduce it as your monthly commitments will increase with no easy way to reduce them again if necessary.

The only advantage to term reduction is that it forces you to "overpay" if you see what I mean.

debsinbrighton

Thanks for your reply. Does anyone know anything about how to add my partner's name to the mortgage?