Remortgage or new mortgage?

whiteroom184

Good afternoon all,

I separated from my husband a few months ago and have agreed a cash figure to buy his share of the house. Our current deal is expiring on Dec 1st and i wish to get the mortgage just in my name (as so the house also). Would this be classed as a re-mortgage or a a new mortgage? Or both? The amount i am paying him is separate to the amount required for the mortgage as this has already been saved up.

many thanks for your advice in advance

Thrugelmir

Will be a new mortgage application in your own right.

As those debt figures in your sig? As may have an impact on your application.

kingstreet

If you stay with your current lender, it's a transfer of equity with additional borrowing if you need it. You can also change to a customer retention product at the same time if you don't wish your mortgage to revert to the follow-on rate, probably standard variable rate.

To complete a transfer of equity, you will need to be able to prove you can afford the mortgage alone and the total cost is normally in the region of £400 to £600.

If you change lenders, it's a remortgage with a transfer of equity. You can borrow more at the same time, if needed, subject to affordability and equity in your home. The remortgage legal costs will probably be covered, but you'll have to pay the transfer of equity fee, around £300.

whiteroom184

I will not need additional borrowing just a mortgage product, the debt is 2 credit cards now totalling £6500 on 0% for the next 14 months. I also have just under 2k in savings with my bank.