Remortgage with new partner

angeljay

I am just looking for advice as I know people can help on these forums.

5 years ago my ex partner moved out leaving the house / mortgage in mine and his name. I now live with my current partner for 2 years and we are looking at remortgaging in both our names. We think due to 125% mortgage and house prices we could look at a 90% LTV fixed rate.

However my partner is on a debt management plan and I have about 10K in debt but this is being paid on a regular on time basis.

Firstly whats the chance of us getting a remortgage?
Also if I change the name on the mortgage am I able to change the name on the house deeds?

kingstreet

You have to change the mortgage and the deeds at the same time via a transfer of equity, to remove your former partner and add the new one.

If the lender accepts the mortgage, a solicitor will handle the remortgage conveyance and TofE. Cost £400 to £600 in total.

TBH with a DMP a 90% mortgage isn't going to happen. Sorry.

What underlying credit problems caused the DMP? What's on the credit file?

angeljay

He has not looked at his credit file in a while to be honest I don't know what is on his DMP apart from some bank charges and other payments for other loans before he moved back from London (2.5 year ago). So I cannot say what it is for.

I was thinking of trying to change the name on the current mortgage but we are currently with NR and on SVR so when the rate goes up so will the payments, this is why I was looking at fixing / remortgaging.

kingstreet

A 90% mortgage is going to require a clean credit history, so I'm pretty sure it's currently a non-starter.

angeljay

If we are unable to remortgage / change names on current mortgage what would you suggest be the best course of action? I have thought of the following:

1. Sell up and rent elsewhere
2. Stick with ex partners name on mortgage / deeds for a few more years until credit accounts more clear

angeljay

kingstreet wrote: »

A 90% mortgage is going to require a clean credit history, so I'm pretty sure it's currently a non-starter.

Okay thanks for the advice on this, at least I know not to attempt to remortgage.

kingstreet

angeljay wrote: »

If we are unable to remortgage / change names on current mortgage what would you suggest be the best course of action? I have thought of the following:

1. Sell up and rent elsewhere
2. Stick with ex partners name on mortgage / deeds for a few more years until credit accounts more clear

Either. Whichever suits you best, for the time being.

angeljay

For the time being I would prefer to live in the house, just would be nice to get my ex off the mortgage completly and deeds. What are the chances of NR changing the name on the current mortgage?

kingstreet

If you are assessed as being able to afford the mortgage alone, they would normally agree and complete the TofE to you alone, subject to your ex-partner's agreement.

As mentioned, cost around £400 to £600.

angeljay

No, sorry I have tried to get it alone and in the banks eyes I can't afford this.

Would the case be the same with my partner and his DMP if I just tried to change names on the mortgage? Would it more than likely be a no?

Thanks for your help.

kingstreet

The criteria for adding a party is the same as applying for a new mortgage with that person. If they wouldn't meet the lender's status requirements for a new mortgage, they won't meet them for the transfer of equity.

The same underwriting information is used to make the decision.

At this time you are, as I see it from what you've said;-

- unable to take on the mortgage alone
- unable to remove your ex and add your partner to current mortgage
- unable to remortgage into sole or joint names.

As I said, a 90% mortgage with a DMP is a non-starter.