The Road to Financial Security

Seanymph

oh, and he can send them a letter approving them to talk to you on the account you have - then you can act like it is a joint mortgage.

Goldiegirl

Just to clarify, it is normally possible to add somebody to a mortgage.

It's called a transfer of equity.

The new person to be added to the mortgage has to go through the normal credit score checks and provide proof of ID and address.

If accepted, a Consent letter is issued, and the solicitor who is acting in the transfer also gets a copy.

The solicitor then transfers the Title of the property to the new joint names, reports back to the lender that this has been done, and the lender transfers the mortgage to the joint names

Typical lenders fee would be £160, and the solicitors fees are around £400 to £600.

I spent about 10 years of my working life doing these sorts of transactions, and a 'sole to joint' transfer is the most straightforward transaction.

It's nothing for Pushkin to worry about!

Pushkin

@ CathT - thanks for your kind words -I am still sad about not moving, we were due to do so early Sept and really loved the house but had doubts regarding the financial stretch and I think feeling like that staying put is the right (most sensible) thing to do - still hurts a little though!

@Seannymph - thanks for the input to be honest I am very naive about the whole thing- well I've never been on a mortgage huh! We are still waiting to properly speak to the mort company so will definitely check that out with them. We are also planning to speak to the solicitors who were acting for us in the (aborted) house move.

We will look into it properly but you are right that we don't want to lose our current deal - it's 0.5% above base and has served us very well over the last few years!

I'll update on how we get on once we have made some progress - been waiting to speak to C&G for 2 weeks now:mad:

Seanymph

sorry!

Still, if it costs money do it, you have to work out what you'd gain.

gallygirl

Are you actually married as otherwise your OH will have a capital gains tax liability :eek:.

Pushkin

Hi GG - Yes we have been married for 13 years!

Basically OH bought the house when we had only been going out a few months so understandable he didn't put me on the mortgage. We married in 2001 then he lost his job and didn't find another one for a year. We obviously had other things to worry about especially as our son was born mid way through that year.

I sound like I'm making excuses - maybe I am but its just been a combination of lack of money & a bit of apathy I guess. However based on your comments & the research I have done, I do want to rectify this and have everything in order - if he were to die the last thing I want is legal hassles.

I would have thought this sort of thing while maybe needing to involve a solicitor must have been done many, many times before although granted not when the relationship/marriage is so mature!

Pushkin

Seanymph wrote: »

oh, and he can send them a letter approving them to talk to you on the account you have - then you can act like it is a joint mortgage.

Hmm that I didn't know Seanymph - could be an idea.

Worth discussing our options with a solicitor I suspect. Thanks a lot. :T

Pushkin

Sneaky update during my lunch hour!

Been so busy spending I am feeling a fraud being on this forum but do keep reminding myself the first £500 OP on Mortgage is in less than a week.

So MSE News:

Decided rather than paying a lump sum off the mortgage we are going to pay off a loan we owe my parents. This is for a car and basically we got in the cycle of borrowing money from them to buy a car, then when the loan was repaid borrowing more as one of or other of us needed a new car! (these are 2nd hand cars by the way nothing flash!)

We have the money to pay it off (its £10,600) and having given it a lot of thought decided that at our age we should be standing on our own two feet. We have been paying my parents £700 each month towards the loan so can divert that to create a car fund - my turn for an upgrade next and will probably get a new car year after next by when we will easily have enough. Feel much better[STRIKE] I[/STRIKE] we have made that decision - def much more me than DH !

I also bought my first Christmas present yesterday :T Sad I know but I always feel psychologically better starting in August - spread the cost and all that. Good sale on in M&S so I bought something there - now I just need to make sure I remember where I put it as more than once I've 'lost' presents and had to buy other stuff when it comes to wrapping time.

New American Fridge freezer arrived this morning - amazing service as we only ordered on Sat. It's beautiful if that adjective can be used to describe a fridge! And it has a holiday mode - not even sure what that is but wow!

In other not so MSE news I have just ordered myself an iMAC!! :eek:

It may seem like an impulse buy and I am feeling extremely frivolous but we have talked about it before. DH is somewhat of a computer geek (I think the NASA space station has fewer electronics than our study!) and I am constantly having issues and problems with the home pc due to his constant fettling. This was compounded last night with a very trying 2 hours trying to do a food shop on mysupermarket and constantly getting error messages due to some weird update he had done.

Anyway it's ordered now and I just need to work out the financial jugging to pay for it - determined NOT to use the capital sum we have saved for house investments.

I am trying not to feel guilty and telling myself a big part of why we stayed in this house is so we can afford a few luxuries.

This is like confession and I'm not even Catholic....

Pushkin

Time to stop skirting around and put some financial targets in place. I've been working through figures endlessly worrying about lots of possible scenarios (interest rate changes, pension contributions etc) but have decided to state a target as it can always be changed.

So (takes deep breath)

Targets by end 2015:

Sub £100k[/B] mortgage owed (currently £120k)
Emergency savings £25,000 (currently £19k)

The savings one should probably be higher but with so much going on with the stuff we are doing to the house I want to be cautious as we are committed to really improving our house/home!!!

Time to go and sit on a sofa and do a survey - I've just got them on my 1pad so am determined to do at least 1 per day to try and bring in a bit more money. In the words of a well known supermarket 'every little helps'....

Pushkin

MSE news - 6 monthly Stocks & Shares ISA statement arrived showing 5% increase in value up from £8,800 to £9,216. I know it's not real money until it's cashed in and could go down again (as it did Aug 13 to Feb 14) but it cheered my day.

DH had 2 new tyres for his car at the princely sum of £280 :eek:rather glad we agreed (or in reality I strongly advised) we do 2 now and 2 in a few months - spread that cost!

Supermarket shop just arrived and new freezer is looking pretty full. Back to S@insburys this week -oh how I love the internet ordering. Obviously more expensive than L1dl (this weeks was £103) but more convenient. Will see how we go and hope that the fact that I've spent nearly twice as much as last week will negate the need to do top up shops at the weekend (DH went twice last weekend!).

Did order a supermarket Indian takeaway though - £8 + £4 for an additional main (there are 3 of us and meal was for 2) so won't need to cook tomorrow - never do on a Friday - and £12 for an Indian meal is much cheaper than had we gone to the local takeaway. I am learning.... :rotfl:

Couldn't get mysurvey app to work on my ipad so will try that again this evening.