Change of parties on mortgage, plans to remortgage afterwards

elle50_2

Hello,

I need a bit of advice and suggestions please.

I have a mortgage with NRAM that has come to the end of term for 5 years (since Nov last year) As they are not offering any new deals I need to remortgage for a new deal.

So the issue is I have been out of work for the last 2 years due to taking time off to have a family during that time my husband who is in full time employment has been paying etc. We discussed adding him to the mortgage and are going through the process- we are at the point where once we send in our acceptance forms, we need a solicitor to do conveyancing and just got a quote for £466 is that a competitive rate? we were expecting it to be at about £250 and have to shop around for more solicitors.

Secondly, I just started part time work, under my own limited company, it's only been 2 months. Today my husband wonders whether it's worth it paying fees to do change of parties before remortgaging for a better deal, thinking in the long run it may not be cost-effective?? I'm not sure I can remortgage on my own based on my income whilst showing his earnings too unless he's also on the mortgage...

so the questions are:
1. what are the average rates of solicitor fees to expect for the change of parties? Anyone know or got experience?

2. will i be able to remortgage with only 2 months self-employment? ( I doubt it) I am able to prove husband's income or is the only way his will be considered if he's also on the current mortgage with me?

3. whats the most cos-efficient way to go about this situation? Any suggestions?

Many many thanks for any thoughts shared....

Jimbo1976

1) I don't know

2) Highly doubtful if you could get a mortgage on your own with only 2 months of self employment. There is a chance that your husband could be a guarantor on your mortgage if you remortgaged but if you are remortgaging its probably easier to add him to the mortgage.

3) NRAM's SVR is 4.79% I think. What is the value of your mortgage? Value of your property (using sold figures on rightmove etc not for sale prices of local properties on the market). What is your husband's income? Why was he not on the mortgage originally? Was it credit reasons? if so what?

Assuming you have enough equity and your husband has enough income and no major credit issues you should be able to remortgage. The more equity you have the lower the rate you will get. Depending on the size of your loan, you may be able to take out a fees free deal with free survey and conveyancing however i think you would need to pay to have your husband added to the deeds. I'm not sure of the cost but it should not be £466

Thrugelmir

Two months self employment will be insufficient for your salary to be considered.

Might as well add your husband when remortgaging. Rather than pay solicitors fees now. Use the money instead to overpay your mortgage and reduce the balance owed.

elle50_2

Many thanks for your answers.

Jimbo1967 - my husband was not originally on the mortgage because we weren't married then and we'd always thought that we would sell off the property and upgrade a couple of years later (about now-ish) then the recession happened and we started to get better educated about many things financial still more to go...

however we have been careful and both have good credit rating and he has good income. Will keep shopping around for more competitive rates for adding him to the deed and remortgaging at the same time.