Possibly a complicated remortgage??

Pinkjoey

Hello

13 years ago myself & my partner took out a mortgage with TMB. My partner had poor credit & we were advised by an IFA to go with TMB as the mortgage could be in my name but could include my partners income. This is what we did & we have been with them ever since. We have moved 3 times & been on numerous different products with them...we are currently on a Tracker @ 2.99% & our mortgage is approx £160K with 18 years left (repayment).

We are now at a point where we would like to release some equity in the house to carry out home improvements (approx 25k) but I cannot speak to TMB directly as they have stopped lending. The website advises you to contact an IFA or Mortgage Broker. The house is worth approx £250K.

Because the mortgage we have got isn't a 'conventional' one as explained above, I can see it getting messy if I want to remortgage what with it only being in my name etc and don't want to open a can of worms?! Plus, it is so long since I have done anything like this, I don't have a clue how things work.

My credit score is good & my partners is now average...does anyone know where to start please?

Total annual income is approx 55k.

Thank you

Dave_Ham

Hi there,

You are likely to need a broker.

I would imagine your previous broker just self certified your income and hence how you are with TMB.

Your decision now is, you will either need to remortgage to release some of the equity. This can easily be done in joint names now (subject to details of credit file) and that is likely to be the most sensible solution.

You will lose the rate you are on, although typically the rates are still low at moment.

Alternatively you can keep as is and raise a secured loan for the amount required. This will be at a higher rate and may mitigate much of the saving.

A broker will be able to understand your circumstances and offer formal advice on what way to proceed.

Good luck

Pinkjoey

Thanks Dave. Is there a trusted site for Mortgage Brokers do you know? Do they charge?

Dave_Ham

Hi - there is a host of different setups for mortgage brokers.

There are no real sites that are fit for purpose (in my opinion) and therefore recommendation is always the way to go. Speak with friends and family and see if there is a local person recommended to speak with.

Some charge and some do not as they take commission from the lender. You will need to clarify first and maybe call a few brokers up and gauge a feel as them when talking to them.

Worthwhile you getting copies of your £2 stat reports for Experian, Equifax and Call Credit as these will be crucial to the broker when determining thebest way forward.

All the best

Let_Us_See

First time I have ever heard of a lender accepting a person's income who was not party to the mortgage (excepting guarantor schemes). Are you sure this is correct?

Dave_Ham

It is a TMB mortgage, assume it was self-cert and the broker tried to be clever and more needed

I nearly mentioned this in earlier post, but took a view this would steer the thread away from the more important matter of getting the finance arranged..

Let_Us_See

Yessssssss....understood. But I believe it is important that the poster should understand that her husband's income was not taken into account (and there lays another can of worms!) as this could seriously compromise future plans.

Dave_Ham

Was going to let the engaged mortgage broker deal with that can, as and when the OP engages one but yes take the point; it will need to be dealt with at some point.

Pinkjoey

Thanks for your input LetUsSee... My husbands income was definitely taken into account but his name is not on the mortgage. There is no way I would have got the mortgage amount purely based on my earnings.

We were young & naive at the time & believed everything the mortgage broker said...we just needed a mortgage so went along with it. In hind site...he was a cowboy!

Pinkjoey

Thanks Dave...I am going to ask around to see if there are any recommendations in the locale.

Pinkjoey

Can I just ask, why could it seriously compromise future plans if his income was not taken into account? Just out of curiosity...