Joint or sole application for remortgage on unencumbered property?

NotSoNiftyAtBeingThrifty

My husband and I have paid off the mortgage on our house a few years ago. We have been doing some building work which is costing us more than we thought and we would like to take a mortgage out to release some equity to fund this. It would be less than 50% of the value of the house.

I understand we are looking for a mortgage on an unencumbered property. I do not work as I am at home with small children, but he earns a decent salary and should be able to get the amount we need based on his salary.

Can he take out a mortgage in his sole name even though we are joint tenants? I am happy for him to do so, I don't know if the lender will be.

If not, will it be a problem that I have made a few late payments on storecards (ie Debenhams and La Redoute) which was purely down to me forgetting sometimes (I am not good with money by my own admission whereas he is impeccable). I have to add I have no outstanding debt at all, neither does he. The store cards accounts have been paid off and closed.

Thanks for any input.

kingstreet

If the property is jointly owned, you would normally have to remortgage it in joint names.

You could do a transfer of equity into his sole name while remortgaging, but TBH I'd speak to a broker and see what your joint options are before you go to that extreme.