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Changing form interest only to capital repayment
Comments
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Just don't be talked into a new product with early repayment penalties which would force you to stay with them if you move, or end up leaving you penalties to pay to eat up these overpayments you are now going to make...
The total cost of a Tof E, all in, will be around £400 to £600 with lender and solicitor costs and your partner will have to be vetted like any new applicant.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Just don't be talked into a new product with early repayment penalties which would force you to stay with them if you move, or end up leaving you penalties to pay to eat up these overpayments you are now going to make...
The total cost of a Tof E, all in, will be around £400 to £600 with lender and solicitor costs and your partner will have to be vetted like any new applicant.
I have no intention of being talked into a new product with the current lender...
£400-£600 to add my partner to the mortgage?? When I spoke with the bank they were telling me £25? But Santander are a bunch of incompetent so and so's. I think I am going to make overpayments on the current product for now and look into a new joint application at a later stage if these costs are right...
When we do decide to make a joint application I want to protect my original investment in the property which is £10k as the market stands the house is worth the same amount when I purchased it. So basically if things should take a turn for the worse my original£10k is protected and everything else is dived jointly from the date of the joint venture onwards. How would I go about making these terms formal, I have been told before that such clauses can be added to the mortgage but no idea if this is the case0 -
The biggest cost of a TofE is the legal work required after the lender has finished the mortgage. It goes to a solicitor to be finalised.
The solicitor can also draw up a deed of trust, which is the agreement you need.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »The biggest cost of a TofE is the legal work required after the lender has finished the mortgage. It goes to a solicitor to be finalised.
The solicitor can also draw up a deed of trust, which is the agreement you need.
Thanks I now know what I am asking for0
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