Remortgage advice.

ruudy

Hello everybody, first post, be gentle

I'm looking for advice. I currently have a joint mortgage and will be looking to remortgage and remove the other named person from the mortgage (ex partner).

I will be looking for an 85% ltv mortgage, however in order to obtain the required amount i will need to invest approx £3000 of my savings. (Home value - approx 100k, current mortgage approx 88k).

What i was wondering is can this payment be made to the new lender or does it have to be paid to my current lender prior to switching over?

My preference would be the former as i don't fully trust the ex partner with this and wouldnt want to invest 3k into something that they potentially have a claim on.

It would be quite handy to know how the exact process works.

Thanks Guys

Thrugelmir

Hi and Welcome,

You'll need a solicitor during the process to switch the mortgage over into your name. So they can handle the reduction of the mortgage balance at this point.

As you say. Don't pay any monies into the existing mortgage.

ruudy

Thrugelmir wrote: »

Hi and Welcome,

You'll need a solicitor during the process to switch the mortgage over into your name. So they can handle the reduction of the mortgage balance at this point.

As you say. Don't pay any monies into the existing mortgage.

Thanks for your reply. Yes i really dont want to pay any more into it just in case. I've paid every penny of it to date.

So this is something that should definitely be achievable then so long as a solicitor handles the finances?

Also, would anyone have any idea of the costs involved in such a transaction. Current exit fees are £195. So solicitor costs for transferring title and removing name from title? I'm guessing around 600-1000 but i might be missing something.

Thrugelmir

ruudy wrote: »

So this is something that should definitely be achievable then so long as a solicitor handles the finances?

It's at this point the reduction in debt is best made. As the new mortgage in your name will granted in a lower amount.

ruudy

Thrugelmir wrote: »

It's at this point the reduction in debt is best made. As the new mortgage in your name will granted in a lower amount.

Thank you. This is nice to hear

Would be grateful if anyone can give me an approximate idea of typical solicitors costs for the above work.

Thanks Again.