Obtaining new single mortgage

Peterg1980

Hi, thanks in advance for any help and advice.

My situation is, I am in a joint mortgage that i need to change to single. The other person is unwilling to resume an extension of mortgage which would be the simple solution.

I am at the end of a fixed rate, so I am currently on a variable rate which i really need to change as Im wasting money every month basically.

The outstanding Mortgage is £88,000. I have income of just over £20k and the valuation of house is roughly £130k.

Would i be able to get a mortgage for this amount and any mortgage advisors out there who would know?

Thank you

PS. I really need to find a good deal before interest rates go up and im stuck in a bad situation and payign more every month.

Thrugelmir

Is the other party willing to sign over their share of the equity?

Peterg1980

Yes, the other party is willing to hand it over and is eager for myself to get it in my name only, so they are removed from the house and mortgage.

kingstreet

It's over 4 x income and you've said nothing about the mortgage term, dependents, credit commitments, childcare, maintenance costs so very difficult to say if this is a goer or not.

If you have none of the above outgoings and a 20+ year term, it'll probably be fine.

If it's a ten year term with a £200 a month loan, £5k on cards etc, it won't...

Be careful. You can apply for a new sole mortgage and get free legals and free valuation. However, the transfer of equity will have a cost you'll be expected to meet and the other party will be advised to get separate legal advice which will also carry a cost.

Peterg1980

Hi, thanks for your response. There are no dependants, children etc. I dont have a loan. the term remaining is 15 years, and i would like to keep it at that, or maybe even lower it.

I dont have any loans or credit cards and i have never missed a mortgage payment.

Thanks

kingstreet

Check your chosen lender's affordability calculator, or have a broker do it for you.

Peterg1980

thanks for the response. I guess its just back to the drawing board then and paying around £100 a month more a month now than i should be paying, unless i happen to find a good few quid.:(

ViolaLass

Peterg1980 wrote: »

thanks for the response. I guess its just back to the drawing board then and paying around £100 a month more a month now than i should be paying, unless i happen to find a good few quid.:(

Is it? Has a broker told you it can't happen?

Peterg1980

I have tried with current lender who rejected me, this was a few months ago, and when i look at some online they say i can only borrow less than the required amount. I havent tried a broker though, is there any difference to myself trying companies online?

Edi81

Peterg1980 wrote: »

I have tried with current lender who rejected me, this was a few months ago, and when i look at some online they say i can only borrow less than the required amount. I havent tried a broker though, is there any difference to myself trying companies online?

A good broker will know which lenders can be "funny" about certain circumstances and be able to work around this by only approaching lenders that they think will take you on.

Out of interest, who is your current lender?

Peterg1980

Edi81 wrote: »

A good broker will know which lenders can be "funny" about certain circumstances and be able to work around this by only approaching lenders that they think will take you on.

Out of interest, who is your current lender?

I am currently with Britannia. been with them since 2008.