few questions about remortgage

BertrumB

Just a quick question... I am 39 and my husband is 49. We are looking to add him to the mortgage, its in my name at the moment. At the same time we are looking to add about 15k of further borrowning for an extension.

When would they insist the mortgage had to end? At his retirement age or mine?

If he was added to the current mortgage, would this become a 'new' mortgage as such, making us unable to access better deals for current customers? Would we be better off just starting afresh with a new deal as joint borrowers?

And lastly, I have a potential new job bubbling away, this would be with the NHS on a temporary (but long term) contract. How would this be viewed??

We are just at the thinking stage, but any advice welcomed.

amnblog

Both these questions depend on the lender selected.

Therefore you should see an independent mortgage broker.

kingstreet

If you stay with existing lender;-

- you can add him by transfer of equity
- you can be offered a new product
- the mortgage term will normally have to end before the oldest applicant is 70 if you tell the lender that's when they plan to retire
- you can request further borrowing and that's subject to status.

Alternatively, you can apply to a new lender, for a new mortgage in joint names if you can get a better deal. You apply for enough to cover the existing mortgage and extra amount you need and the same issues apply to the term, affordability etc.