names on mortgage help

lisacaton1980_2

Hi I'm rather clueless about mortages, deeds, names so hoping someone can help.

Basically my husband inherited a share of his grandparents house and we bought out his dad and uncle. At the time I was only working on a temporary contract so we were struggling to get accepted for a mortgage. My sister in law offered to apply with my husband and a mortgage was secured in 2009.

We were hoping to change our mortgage this year so my sister in law was taken off and I went on. Unfortunately I was made redundant so this didn't happen.

My main concern is that she isn't very money savvy and I am worried about her getting in money trouble and it affecting our home.

Can I be added to anything as my name isn't against anything concerning the house. Even though only me and have husband have lived here and paid the mortgage.

Hope this makes sense.
Thanks

Dave_Ham

Hi - you will need to give us a lot more information, or speak to a professional separately.

You are correct, any money troubles your SIL encounters could affect your security.

So, how much is the current mortgage approximately?

How much does your Husband earn?

That should allow someone to quickly tell you if you have any options, as route 1 should be to replace her with you but that may be unlikely.

Unfortunately, it is irrelevant who has been paying the mortgage for how long..

lisacaton1980_2

There is £80k left and he earns approx £21k pa. Is there anything we can do to get my name added anywhere? It was all a last minute rush as the solicitor we used made so many mistakes it really was down to the final minutes before the mortgage offer was lost.

kingstreet

If you want to stay with your existing lender, you are going to have to ask them about a transfer of equity (one off, one on) which involves them vetting you to make sure they want to lend to you.

If they are happy to do so, they then pass the matter to a solicitor for the legal work to be done. Typical cost £450 to £600.

Likewise, if you want to, you can apply for a new joint mortgage to a new lender and once offered, the legal work is the same, on top of the usual remortgage stuff.