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Which comes first? - A re-mortgage or transfer of equity
jamez79
Posts: 29 Forumite
Hi,
I need some advice please. The fixed period of our mortgage is coming to an end so i'm looking to remortgage. At the same time I want to do a transfer of equity to remove my brother from the mortgage and put my fiancee on in his place.
No money is changing hands for this, my brother just assisted me with getting a mortgage in the first place by having his name on it as my fiancee and my income were slightly short of what we needed.
Can someone tell me in which order i have to things or can they be done together at the same time? My thought is that if we remortgage to a different lender, then they would pay the old mortgage off (like with balance transfers) then we just pay the new lender?
Thank you for any assistance given.
James
I need some advice please. The fixed period of our mortgage is coming to an end so i'm looking to remortgage. At the same time I want to do a transfer of equity to remove my brother from the mortgage and put my fiancee on in his place.
No money is changing hands for this, my brother just assisted me with getting a mortgage in the first place by having his name on it as my fiancee and my income were slightly short of what we needed.
Can someone tell me in which order i have to things or can they be done together at the same time? My thought is that if we remortgage to a different lender, then they would pay the old mortgage off (like with balance transfers) then we just pay the new lender?
Thank you for any assistance given.
James
0
Comments
-
You can do it at the same time
If you look at deals offering free legals, please note that some lenders will not offer the free legal package if you are doing a transfer of equity. Some howevever will offer a cash back instead.
The free legals will not include the transfer of equity and you will have to pay for that separately.
Just make sure that any lender you look at will lend you the right mortgage amount based on your income
HTHI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi, Thanks for the swift response. I was looking at Britannia with there free legals as they will lend us more than enough. Could i use a different solicitors for the transfer of equity side of things or would i have to use the britannia's one to benefit from any free legal costs?0
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