Changing mortgage from joint to sole as that way we can borrow more!

Fatima1985

Hi

We took a mortgage almost 5 years ago for 5 year fixed term at a horribly high rate as we were first time buyers with a low deposit

We now have a 70% LTV ratio and could get a much better deal but i have since left work to raise my kids and just my husband works

Some of the good deals that we could get show that my husband can borrow the amount we need if he takes a sole mortgage! Im a bit shocked but tried a few sites and banks and all would let us borrow more on solw mortgage!

Im happy to have it all in husbands name and dont have fear of divorcing etc

Can anyone tell me the process to get my name off the home ownership?

If husbands take this remortgage new deal on his name would they automatically take my name off the house at land registry?

Sorry to sound dumb just want to know the process to change mortgage deal and change to sole mortgage from a joint one and house jointly owned

Many thanks for anyone who can help

Fatima1985

To add nationwides how much can you borrow section counted dependants as kids under 18 and so i assume i wouldnt be counted as a dependant?

I really need advice regarding this. Our currenr mortgagw is just a wastw of money and were not paying anything off this way

holly_hobby

First things first ....

To take you off the mge and deeds would be by a Transfer of Equity (TOE).

The current lender (or new lender if you do this simultaneously with the remortgage), will want to assess that your husband meets the affordabiilty and status requirements.

He will declare you as being resident in the propety, and you will have to sign a consent to vacate disclaimer (which all those residents, whom are not party to the mge and over the age of 17 yrs, are reqd to do).

However, if during your on line enqs, you have just put Hubby in as a sole applicant, and not declared (or been asked about) his marital status or number of dependants, this is why the max borrowing will appear higher. You should be aware that once a full app is submitted and the above data revealled and assessed by the lender, you will find that you will be no further forward than at present.

Hope this helps

Holly

Land_Registry

Our online FAQ explains the process for transferring the property

However in order to take out a new mortgage the lender will require you to use a solicitor/conveyancer

I would therefore recommend contacting the potential mortgage lender(s) and ask them what they require from your husband in order to proceed with the application

Thrugelmir

Fatima1985 wrote: »

To add nationwides how much can you borrow section counted dependants as kids under 18 and so i assume i wouldnt be counted as a dependant?

With no income then you are dependent upon him.

amnblog

Please don't start worrying about changing ownership of the property just because you may (or may not) be able to get the lending you require on a product you have seen on a website.

The fact that you do not make affordability with all lenders suggest to me that your budgeting is tight. Therefore get some proper advice from a qualified independent mortgage broker before you shoot yourself in the foot.

2kids1dog

we have a joint mortgage with nationwide. I'm self employed but only for 2 years so unable to use my wages. So using hubby's pay for main part & me as homemaker & using child benefit as my income?
you don't have to earn to be on the mortgage x

2kids1dog

we have twins aged 11 so 2 children to take into account

amnblog

Nationwide should be OK with two years self employed income.

2kids1dog

I was still working part time until 6 months into my 1st year, my SA302 added the 2 incomes into 1 total on the form so they couldn't see my 1st years income, which was -£700, second year + £4900. never mind it only made us £6k short of the top amount we wanted. happy with the amount they have said yes too.

Fatima1985

Thanks

My husband wasnt pleased taking my name off. What if something does happen?! Can never be too sure so sticking to joint mortgage

One other question, if i go to a branch and do a full application is their a chanve we would be able to borrow more than what came up on the site?

I have twin 1 year olds and hoping to rrturn to work. If I had a job lined up and an official offer letter would thia be sufficoent to get my income included on the mortgage?

If not we may have to wait a few months till i have a few payslips to get the amount we need.

Many thanks for responding