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Transfer of equity (shared ownership)
Busbyuk
Posts: 19 Forumite
I'm going through a transfer of equity at the moment with my mortgage provider Leeds BS.
It's to put the property just in my name due to a divorce. So just removing her name from the mortgage. Due to paying my ex wife her half of the proceeds i have some debt i wanted to add to the mortgage while doing the transfer of equity. I thought this would be easy but Leeds BS are making it difficult enough that i'm wondering if it would be easier to just get a remortgage with a new company and probably a better deal while im at it.
My question is can i just apply for a remortgage with a new company under just my name and this will sort out the transfer of equity also as the new mortgage will be applied for by just me. Or do i have to do the transfer of equity first and then go for a remortgage with a new company?
Its a shared ownership as well.
Thanks
It's to put the property just in my name due to a divorce. So just removing her name from the mortgage. Due to paying my ex wife her half of the proceeds i have some debt i wanted to add to the mortgage while doing the transfer of equity. I thought this would be easy but Leeds BS are making it difficult enough that i'm wondering if it would be easier to just get a remortgage with a new company and probably a better deal while im at it.
My question is can i just apply for a remortgage with a new company under just my name and this will sort out the transfer of equity also as the new mortgage will be applied for by just me. Or do i have to do the transfer of equity first and then go for a remortgage with a new company?
Its a shared ownership as well.
Thanks
0
Comments
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I thought this would be easy but Leeds BS are making it difficult enough that i'm wondering if it would be easier to just get a remortgage with a new company and probably a better deal while im at it.
The "debt" may pose a problem even on remortgaging the property. What is the Leeds BS stance? No mortgage at all or no refinancing of the debt.0 -
Credit wise it's fine. Credit checks all came back fine and I was approved without issues based on my finances. The issue I'm having with Leeds Bs is that they needed a letter from my housing association confirming that they are also okay with the extra borrowing which they have received by due to the clauses in the letter they don't want to proceed. The letter basically had an addition that the housing association would not drop to a third charge for the mortgage which is understandable.
The process has been so lengthy and I'm not on a great deal anyway that I thought this may be a good alternative route.
Thanks0 -
Sorry I didn't actually answer you. They are fine for the mortgage but not on the refinancing of the debt due to the issue with the letter.0
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