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Outstanding loan on my joint mortgage when remortgaging my sole mortgage

ecpgffw
ecpgffw Posts: 24 Forumite
in Mortgages & endowments
I have one joint mortgage (with my wife) and one sole mortgage, and in order to release some fund I would like to remortgage the sole one to another lender. My question is when disclosing my outstanding loans to a new lender should I include half of the home loan remaining on the joint mortgage or the full?

My concern is that if I disclose in full then the potential lender may not be willing to lend me more.

Many thanks.

p.s.: the LTV of the sole mortgage is very low, c.c. 40% and it is not an issue even I raise extra cash from the property.

Comments

  • amnblog
    amnblog Posts: 12,762 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Disclose the whole of the joint mortgage.


    If the sole mortgage is a buy to let it should not make a difference.


    If the joint mortgage is a second home, or your wife lives in one and you in the other - lender will consider both mortgages for affordability.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • ecpgffw
    ecpgffw Posts: 24 Forumite
    amnblog wrote: »
    Disclose the whole of the joint mortgage.


    If the sole mortgage is a buy to let it should not make a difference.


    If the joint mortgage is a second home, or your wife lives in one and you in the other - lender will consider both mortgages for affordability.

    Hi, Thanks for your reply.

    Both mortgages are residential. If I disclose the whole then there may be an affordability issue when trying to borrow more.
  • amnblog
    amnblog Posts: 12,762 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If you don't disclose the whole you will be declined.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • ecpgffw
    ecpgffw Posts: 24 Forumite
    amnblog wrote: »
    If you don't disclose the whole you will be declined.

    If I change the deal with my current lender, do I need to disclose the whole?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ecpgffw wrote: »
    If I change the deal with my current lender, do I need to disclose the whole?

    To release equity your application will undergo affordability checks.
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