Complicated Remortgage

mrshoopfish

holly_hobby wrote: »

Well this will depend upon the supporting income of the mortgagors, ltv etc, and under the joint and several (individual) liability, if you/other mortgagors would be happy to be legally responsible for the increased and total mge debt incorporating Bro's further "capital withdrawal" .

Hope this helps

H x

Ahhhh...hadnt thought of the fact that if he extended the mortgage that I am named on I will obviously also be legally responsible!
Did have a thought that perhaps myself and husband could take out a second mortgage with santander and my brother could be named on my mothers current mortgage. So we all have our names on 'it' but kind of have seperate mortgages....or am I being totally silly now?????

holly_hobby

You can only have a total of 1, 1st charge mortgage on a property - to which all owners must be applicant, and all residential mortgage lenders require 1st charge.

Once you are on the deeds, you could seek a 2nd charge loan (which will be on a higher interest rate than a traditional 1st charge mge arrangement) - but again, all legal owners must be party to the agreement (which is in respect of possession issues on default).

Hope this helps

Holly

mrshoopfish

Thanks Holly

Sems pointless to consider this then really!

Dave_Ham

You need everyone to go and sit down with an experienced broker.

From the highlights of the case, there is potentially something that can be pulled together on sensible rates.

Everyone individually will need to understand their part and importantly the specific way it will impact upon them and also the family as a whole.

Everyone will need to be entirely happy and there are many variables to consider.

Expect to pay a fee for this sort of advice and application.

All the best