Title Deeds remortgage

feefles

I am having a bit of bother trying to get additional borrowing on my mortgage for home improvements due to a default I got 2 years ago for £450 that I cleared immediately.
I currently am the sole owner on the mortgage and title deeds etc, current mortgage of 110000 and property value of 190000
I want to borrow 15000


Anyway I have been declined by Halifax and was wondering if I added my partner onto the title deeds and mortgage would that improve my chances of getting the remortgage?
How do I put him on?
Also should I just give up?? no one will look at me because of my default??

Thanks In advance

Thrugelmir

The default may be a contributory factor not the only factor resulting in a decline. May be worth your while speaking to a broker and letting them review your circumstances.

Adding another person is certainly helpful.

What is the purpose of the equity withdrawl?

feefles

Hi thanks for your reply,
the purpose is for home improvements, we are moving the stairs to a better location, increasing the kitchen to make it dining kitchen and creating 4th bedroom.


do you know how I would go about adding him onto the mortgage does he have to be on the titles

feefles

bump bump bump

amnblog

Your better option may be to keep your current mortgage and borrow an extra £15,000 from an alternate lender.




Adding your partner does not make your default go away.


Consult a mortgage broker to resolve this.

Mojisola

feefles wrote: »

I currently am the sole owner on the mortgage and title deeds etc,

Anyway I have been declined by Halifax and was wondering if I added my partner onto the title deeds and mortgage would that improve my chances of getting the remortgage?

If you and your partner aren't married, then you will be giving him 50% the house if he goes on the deeds (unless a lower percentage is specified).

If you break up in future, do you want to have to sell the house to give him his share?