Remortgaging and need advice please!

HanaEd

Hi all, I'm new to this site and would really like some advice.
Our fixed term has just come to an end on our mortgage and we are currently paying a standard variable rate of 3.99%.

I would like to remortgage but am clueless as to the best type of mortgage to get, what lenders are best, what will Bank of England interest rate do, should I go for a short or long term deal?

An added complication is that my husband (mortgage is joint) also has his name on a mortgage for his BIL house in London. We aren't responsible for paying any of the mortgage, but they needed his name on the mortgage because of his salary. Will this be a problem?

Some basic details - we live in Scotland, our house was recently valued at £350k approx and our mortgage is for £247k with 20 years left. My husband earns a good wage (he is employed and we have all the payslips etc) and has excellent credit. We don't have any savings except my husband's pension. I don't work, but also have good credit. We have no intention of moving for a while, although obviously you never know what will happen!

I imagine I will have to go through a broker, but had thought they didn't have access to all mortgages available so thought I might get a better deal if I sort this out myself.

Can anyone help or give me some advice on where to start?!

opinions4u

An added complication is that my husband (mortgage is joint) also has his name on a mortgage for his BIL house in London. We aren't responsible for paying any of the mortgage, but they needed his name on the mortgage because of his salary. Will this be a problem?

He's legally responsible for the whole payment. Lenders will take this into account.

I'd see a broker because of this complication.

HanaEd

Thank you for your reply. I had said to my husband at the time that I was worried it would become an issue with our own mortgage, but he just said he wouldn't say anything about it, and it wouldn't show up from a check on our bank accounts as we don't actually pay anything towards it. I'm worried that by not declaring the other mortgage his name is on, it would in some way invalidate any mortgage that we arrange on our own house.

Simon_gloster

Many will come on and say how bad your husbands approach to this will be.

Lenders can have systems that automaticall detect ie the btl mortgage, others will print off and scrutinise your credit files.

Although he doesnt pay it, it will show up. Non disclosure of committments is a baddie and the 'f' word will be banded around as you'll be looking to obtain money by deception.

Get him to disclose it as it may not be an issue at all.

HanaEd

That was my instinct. Thank you! I will put my foot down!

Dave_Ham

Given it is in London, chances are both the mortgage value and monthly repayment is high.

They will detect this credit commitment (all lenders) and this may throw out the affordability.

Get an independent mortgage broker (be prepared to pay) and they will search the entire mortgage market for you.

The most suitable deal will not always be the cheapest deal remember...

All the best