Re-mortgage question

hurstpierpoint

I wonder if someone can help me with this. My wife bought a house, in her sole name, as is the mortgage, before we married. We both live there, I do not contribute financially to that property.

I have very recently bought a property, mortgage free, and solely in my name which will either be let or used as a second home, certainly for the foreseeable.

Question is this, when the time comes to remortgage my wifes property (fixed rate ends next year) will she be able to do so in her own name, which is what we both want, or will I be dragged in? I am happy to sign a consent/waiver of interest but have no desire to be either co-owner/borrower. Any thoughts? Thank you.

Wh05apk

You should be able to do either way.

beckysbobbles1

It depends if she decides to stay with the same lender. When you remain with the same lender, they tend not to do a whole new mortgage application and just apply a new rate.

Whereas if you remortgage with another company, this is a new application and there fore affordability will be assessed. So long as your wife can afford the mortgage on her salary alone and has enough equity then it should be fine.

If the above is not the case, then the options would be to remain with the same lender or there variable rate (which may be pretty low at the moment) or have you added to the mortgage (which you don't want).

You are right with regards to signing the waiver. Mortgage companies are often worried about other parties interests in the property.

hurstpierpoint

Sorry, forgot to mention LTV about 60%, income fine based on her income alone.

beckysbobbles1

hurstpierpoint wrote: »

Sorry, forgot to mention LTV about 60%, income fine based on her income alone.

Your wife should be fine to get a mortgage elsewhere so long as her credit score is fine.

hurstpierpoint

Thanks for the quick replies, consensus seems to be that what we want is possible. Thanks all round.