Fixed mortgage for me but could my partner get one?

STOTTYCAKE_2

I have a fixed mortgage with early repayments charges of 2 years. I want to buy a house with my partner. My mortgage is portable but could my partner arrange her own part of the mortgage with a separate mortgage provider or are we both tied to the same mortgage provider? I am selling my flat to be able to buy a house but my partner doesn't have a mortgage but can match my deposit and mortgage.

JoeK_3

As your mortgage is portable, you can take it with you to the new property.

If you need to borrow a greater amount than before, then you need to apply for this to your existing lender.

Your partner can be party to the new mortgage if you so wish and put their name on to the new mortgage when you complete the application form for the new property.

Regards

JoeK

herbiesjp

STOTTYCAKE wrote: »

I have a fixed mortgage with early repayments charges of 2 years. I want to buy a house with my partner. My mortgage is portable but could my partner arrange her own part of the mortgage with a separate mortgage provider or are we both tied to the same mortgage provider? I am selling my flat to be able to buy a house but my partner doesn't have a mortgage but can match my deposit and mortgage.

You would both need to be on the same mortgage, as opposed to having a separate mortgage each for your own respective parts

STOTTYCAKE_2

Thanks for that. As I'm tied in until December, do you think it would be better to wait till December to give us more choice of providers or do you think it's much of a muchness for all. I have a Britannia fixed rate mortgage.

JoeK_3

STOTTYCAKE wrote: »

Thanks for that. As I'm tied in until December, do you think it would be better to wait till December to give us more choice of providers or do you think it's much of a muchness for all. I have a Britannia fixed rate mortgage.

This can't be answered from the scant information provided here. However, as interest rates have increased in recent times, your two year fixed rate is likely to be good in comparison to what is available elsewhere. Your problem will arise after December as you will be coming out of the fix rate and going into Standard Variable rates.

This is a time that you will need to re-negotiate your mortgage with the lender.

Either way, you don't want to be paying an unnecessary redemption penalty, do you?

Regards

JoeK