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Transfer of Equity
Vikipollard
Posts: 739 Forumite
Evening all.
Situation: house currently mortgaged in DH name only. 13 yrs 6 mths left to run, currently on SVR which is horrible, I know. Looking to make it a joint mortgage (I've lived here for the last 11yrs 6mths too) and the BS say to do so is via a Transfer of Equity. I understand this, so far.
We have to use a solicitor on their panel, so having found one, we've asked about fees. They have quoted a price, assuming it isn't a remortgage. We aren't taking on additional borrowing, simply moving to a joint mortgage, but 5yr fixed term. Does this count as a remortgage or not?
Sorry if that is a stupid question!
Situation: house currently mortgaged in DH name only. 13 yrs 6 mths left to run, currently on SVR which is horrible, I know. Looking to make it a joint mortgage (I've lived here for the last 11yrs 6mths too) and the BS say to do so is via a Transfer of Equity. I understand this, so far.
We have to use a solicitor on their panel, so having found one, we've asked about fees. They have quoted a price, assuming it isn't a remortgage. We aren't taking on additional borrowing, simply moving to a joint mortgage, but 5yr fixed term. Does this count as a remortgage or not?
Sorry if that is a stupid question!
LBM July 2006. Debt free 01 Sept 12 .. :T
Finally joined Slimming World: weight loss 33lbs...target achieved 51wks later 06.05.13 & still there :j
Aim to be mortgage free in 2022. Jan 17 33250 Nov 17 27066 Mar 18 24498 Sep 18 20608 Nov 18 19250 Jan 19 17980 Mar 19 16455 May 19 15024 Nov 19 10488 Feb 20 8150 May 20 5783 Aug 20. 3305 Nov 20 859 Mortgage free, 02.12.2020
Finally joined Slimming World: weight loss 33lbs...target achieved 51wks later 06.05.13 & still there :j
Aim to be mortgage free in 2022. Jan 17 33250 Nov 17 27066 Mar 18 24498 Sep 18 20608 Nov 18 19250 Jan 19 17980 Mar 19 16455 May 19 15024 Nov 19 10488 Feb 20 8150 May 20 5783 Aug 20. 3305 Nov 20 859 Mortgage free, 02.12.2020
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Comments
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No, it's not a remortgage.
It's exactly the same mortgage that you have now, just being transferred to your joint names, and being transferred to a new interest rate product
The solicitor is needed to deal with transferring the property to your joint names - this should be what they are quoting for.Early retired - 18th December 2014
If your dreams don't scare you, they're not big enough0
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