Parents Remortgage

kriss_boy

Just a thought... I bet my wife and Is parents who are mortgage free could remortgage 100K at half the rate we will get a 100k at huh....

Bit unfair to ask them to do that though, even if we make it worth their while.

kingstreet

That would depend on the two loan to value levels.

If they are at 60% or less, they can get a product in the range of 2% to 2.75%.

If you are looking for 95%, the rate will be in the region of 5.5% to 6%.

kriss_boy

kingstreet wrote: »

That would depend on the two loan to value levels.

If they are at 60% or less, they can get a product in the range of 2% to 2.75%.

If you are looking for 95%, the rate will be in the region of 5.5% to 6%.

It would be something like 60%. I just dont think its fair to do that to my parents though. Pitty.

Could their remortgage be in my name? ie, they would have little involvement in it. Or would it be a case of me setting up a standing order to the account the mortgage comes off.

I suppose 100K would be overkill.... we might just need 40K from them so they we have an LTV of 70% instead of 95%.... at least then we could pay them back within 6/7 years rather than 15!!

I suppose its a bit unfair on them.

Let_Us_See

What drivel - have you been down the pub!

kingstreet

kriss_boy wrote: »

Could their remortgage be in my name?

No. You can't secure your mortgage on their property.