Quick Question

cadman79

Hi all,

This one for the future for me.

I basically bought a house last year on a 4 year fixed term with the banks help, this was all done under my name, my money etc.

I am seeing a girl & obviously a view of getting serious/moving in.
She is going to sell her house & have a few pound out of it.

What is the process of putting her on my mortgage or given her something to entitle her to 50%?
She will give me 50% of all bills inc mortgage & is giving me 50% of everything i put down to get the house.

Is it a simple process? or do i wait 4 years & remortgage under both our names?

Thanks

kingstreet

You could add her to mortgage and ownership by transfer of equity.

Lender vets her and if accepted, the matter is passed to a solicitor for the ToE to be completed.

Usual cost £450 to £600. If half the mortgage is more than £125k, there will also be stamp duty to pay,

cadman79

Thanks Kingstreet,

yeah thats what i'm trying to avoid. House is £220k

kingstreet

The property value is irrelevant.

The consideration is 50% of the mortgage balance being transferred.

JimmyTheWig

kingstreet wrote: »

You could add her to mortgage and ownership by transfer of equity.

Is that possible without ERCs?

kingstreet

Should be.

Most lenders can deal with the addition of a party without too much trouble, same with removing one.

It seems the ones who have the "we need to cancel that mortgage and do a whole new one" approach are the usual suspects with the creaking IT systems.

OP should check lender policy, but he hasn't got much choice he has to do that to be able to proceed.

JimmyTheWig

Mortgage companies taking a sensible approach to a reasonably common situation. I like it!
[Not something I've looked into in the past. Just assumed they'd make it difficult for you!]