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being added to deeds to support mortgage
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mak83
Posts: 13 Forumite
Hi,
Im looking for some advice... My dad past away last year and did not have any insurance to cover off the mortgage on there property. So my mum now has a 35k mortgage to pay with monthly payments which are too high for her to cover long term and on her income will struggle to remortgage.
We have had discussion and she is going to adding me on the deeds on the property, now my understanding is I should discuss this with her lender (GE Money) first to make sure they are happy for me to be added to the mortgage.
If I can do this I would then be looking at remortgaging the property over a longer term.
Does anyone have experience in this and are my understandings correct or is there a better way I should be doing this?
Thanks for your help
Im looking for some advice... My dad past away last year and did not have any insurance to cover off the mortgage on there property. So my mum now has a 35k mortgage to pay with monthly payments which are too high for her to cover long term and on her income will struggle to remortgage.
We have had discussion and she is going to adding me on the deeds on the property, now my understanding is I should discuss this with her lender (GE Money) first to make sure they are happy for me to be added to the mortgage.
If I can do this I would then be looking at remortgaging the property over a longer term.
Does anyone have experience in this and are my understandings correct or is there a better way I should be doing this?
Thanks for your help
0
Comments
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If you intend to remortgage away from GE to a new lender, it would be better to apply to the new lender for the joint mortgage and conduct the transfer of equity into joint names at the same time.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
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I already have a mortgage with my wife on my own property would this affect me applying for a 2nd mortgage with my mum?0
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Only if you can't demonstrate ability to afford to pay both mortgages.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
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Before you do anything check to see if your mum is eligible for any benefits, as soon as you go on the mortgage, then she could lose any entitlement.I am a mortgage adviser.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.0
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If the plan is for you to start paying you can do this anyway.
IF the current mortgage is a decent rate then there may be no need to change
If interest only or short term that may be an issue.
Taking ownership of part of the house leave you open to CGT issues in the future.0 -
I want to re mortgage as there is a mortgage with 5 years left and a secured loan for 17 years i want to bring them in to one and borrow extra for some house improvements.0
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Yes approx £50k0
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Might be a good idea to stop drip feeding the information.
ages(all parties to all loans), incomes(same), values(all properties), mortgage detail(new and proposed), any other debts.
The current setup short term mortgage and long term secured loan suggests something non standard has gone on in the past.0
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