Remortgage-(Ex-moved out) Single Application

kingstreet

If your income is okay and you don't need any more money, removing your former partner should be a straightforward process for your current lender and once they've done it, they will refer the matter to a solicitor for the transfer of equity to be completed.

The total cost, for lender and solicitor, is normally £400 to £600.

Simon_gloster

Pretty sure HSBC dont allow a TOE whilst keeping the current deal, a bit like Abbey.

If they do say no and you really have to do this transfer, be prepared for a massive hike in rates compared to what you have now.

TOE's are harmless apps, but as said you need to satisfy all their criteria including their internal scoring systems. X fingers needed on your behalf they let you keep the rate.

holly_hobby

Hopefully with no other material changes, such as increased borrowing, this won't be the case for our OP.

Fingers & toes crossed of course ....

H x

Sandy_Beech

Simon_gloster wrote: »

Pretty sure HSBC dont allow a TOE whilst keeping the current deal, a bit like Abbey.

If they do say no and you really have to do this transfer, be prepared for a massive hike in rates compared to what you have now.

TOE's are harmless apps, but as said you need to satisfy all their criteria including their internal scoring systems. X fingers needed on your behalf they let you keep the rate.

Thank you! Yes I agree I don't think they will allow me to keep this "product" I wish they would!!! and yes expecting a much higher rate!

Just one last thing when/if etc . What do I look for in the respect of a "new" mtg of the LTV. For example only :- house value is £125k outstanding mtg £100k - Would I look round for a mtg with an 80% LTV?? (again example purpose only) Hence I could have a rough idea of monthly payments and the better the LTV suggests a better "new" mtg %??

Thank you!

holly_hobby

The LTV is the the reqd borrowing as a % of the property value - so just divide one against the other to get your LTV.

The lower the LTV, the more attractive it is to a lender (as there is less exposure), and the more attractive the qualifying products offered.

If you have a LTV of say 80% you qualify for all remortgage deals with a max LTV in excess of 80% (for example - you won't be able to select a product with a max ltv of 75%, which is pretty obv really).

If you have a LTV of say 74% - you'll generally qualify for most if not all of the lender offered deals.

Hope this helps

H

Consumerist

Sandy_Beech wrote: »

What do I look for in the respect of a "new" mtg of the LTV. For example only :- house value is £125k outstanding mtg £100k - Would I look round for a mtg with an 80% LTV?? (again example purpose only) Hence I could have a rough idea of monthly payments and the better the LTV suggests a better "new" mtg %??

If the ultimate loan amount is £125k then you're correct (80% LTV) but don't forget conveyancing/legal fees and additional fees associated with arranging any new mortgage - unless you pay these separately.

Simon_gloster

HSBC will have their 'guess' on what they think the property is worth based on the last human valuation and the retail houseprice index for your postcode etc. Most providers on TOE's would use this figure unless you challenged it and base the interest rate on that. If you challenege it you may incur a basic val fee.

Remortgaging using another lender sometimes this is free. Check product incentives beforehand.

Whether HSBC or not I would always say to you use worst case scenario on the val ie £120k for eg so that its not too much a shock if it comes in at that.

holly_hobby

Simon_gloster wrote: »

Remortgaging using another lender sometimes this is free.

Only basic legal tsf is covered under the freebie remortgage deals, the TOE element will require additional payment.

H

Simon_gloster

Re : val free, sorry H I wasnt clear.

johnk

Simon_gloster wrote: »

Pretty sure HSBC dont allow a TOE whilst keeping the current deal, a bit like Abbey.

They do, well at least in my case (not as good a rate as yours but better than the running rate at the time). The adviser actually asked if I wanted to keep the existing mortgage (ie, all terms).