Remortgage and change of name

pakkun_2

I wonder whether anyone can help me with my questions.

I am currently preparing the documents for my remortgage with Lloyds TSB. My current deal with Santander will expire in early August (3rd Aug) and I am hoping to start the new deal with Lloyds straight after the expiry date. The mortgage advisor at Lloyds said that it would take between 4 to 6 weeks to process my application. Therefore, I would like to prepare all the required documents as soon as possible.

However, the thing is I am going to get married in mid-July and my name will change eventually. So my question is, should I wait all the application process untill I get married and have my name changed officially? Or does it not matter whehter I use my maiden name on the applicaiton form?

The current mortgage with Santander is in my name only but the new one with Lloyds will be with myself and my husband-to be. I am going to instruct our solicitor to add his name on the deed. I am also concerned about the implication of having my maden name on the deed if I go ahead with the application with my current (soon-to-be-maiden) name.

Any advice or information will be grately appreciated.

Best regards,

pakkun

kingstreet

Why Lloyds?

In my experience, there are better mortgage deals available, with lower fees and no legal/valuation fees. You will have to pay for the cost of the transfer of equity, but this can be lower if you use the lender's solicitor.

Do your application in the names which apply at the time. Change them later, if necessary.

Is there no customer retention product available to you from Santander which, which a transfer of equity, would avoid the need for a remortgage?

pakkun_2

Dear Kingstreet,

Thank you for your swift responce on my quiry. Much appreciated.

I understand there should not be any problem going ahead with the applicaiton with my soon-to-be-maiden name. Could I just ask you whether it costs extra if I want to change my name on the mortgage and the title deed from my maiden to new name at the later stage?

Re your first question (why Lloyds?), to be honst there is not much reason why Lloyds as I approached Lloyds simply because it is my main bank. I know I should contact the whole-sale market broker and I am not so sure whether their offer is best available to me. The deal I apply for is 2.99 5year-fixed with no fee but 500GBP cashback. LTV is around 50%. When I said "our solicitor", I meant the lender's solicitor which is also free of charge. I have talked to Santander but their offer was not so tempting (same interest but higher fee). HSBC has a similar offer (2.99 5year-fixed) but since my remortgage amount is 80K, my calculation said that Lloyds's offer is better than theirs once taking into other related cost such as solicitor's fee.

I am happy to pospone my remortgage if it is better to talk to an independent broker.

Best,

pakkun

kingstreet

I assume you mean your married name, as your current name is your maiden name?

Lenders offer free basic legal work. The cost of a transfer of equity will be borne by you and typically adds £350 to £400 on a fee-free remortgage.

Is it cashback AND free legals, or cashback OR free legals? It's often the latter.

I would at least talk to a broker to get a view of the whole market as you are talking to direct-only providers. Watch out for expensive, poor-quality insurance products which banks use loss-leader mortgages to sell.

pakkun_2

Dear Kingstreet,

Thank you very much for your reply on my enquiry.

Re: Lloyds, they offer both free legal fee and 500GBP cashback if I undersand them correctly. I did not know that the free basic legal back is common to other lenders. I would research more about the local broker before commiting myself to Lloyds then.

Thank you so much for your help. I really appreciate it.

All the best,

pakkun

ExpertAdvice

Hi Pakkun

Thats interesting to know that Lloyds is offering free valuation, free legal and £500 cashback. You might want to double check as Kingstreet mentioned, generally its either one.

Also, no product fee?

pakkun_2

Hi ExpertAdvice,

Thank you for your advice. I will contact Lloyds just to make sure that I understand their offer correctly.

Re: product fee, no there won't be any. There is another product which charge 999GBP or so as a product fee but for a lower interest rate (2.49% 5year-fixed).

Best,

pakkun