How best to borrow?

bylromarha

OH and I own a house with a mortgage.

Due to OH's previous self employment, we got a better mortgage if I applied for the mortgage alone. He is not named on the mortgage, and the house is legally mine, not ours.

OH is now employed, and I went part time. Our joint income is now a third higher than my full time salary alone.

We'd like £40k to extend our house. We can afford the payments comfortably.

The options we've considered are

1) remortgaging in joint names - but uncertain we will even qualify for the current level of mortgage we have, let alone +£40k, as we borrowed before regulations became stricter and we are on a lifetime tracker @ 1.49% + BOE which we don't want to get rid of.

2) Personal loan of £20k each. Would this be allowed? If so, what is hubby? A homeowner with a mortgage? A tenant with £0 rent?

3) Saving up and waiting 5 years, but not keen on this one.

Thoughts welcome.

Foxy-Stoat_3

Whats your current LTV and salarys?

Pixie5740

If your husband isn't named on the deeds or mortgage then he's definitely not a home owner.

1) If you remortgage there's a very good chance that you won't get anything like the rate you currently have.

2) To each get a £20k loan you're looking at each having an income of circa £40k. You could try using the MSE Loan Calculator do try and gauge what your likelihood of getting £20k loans.

3) Depending on the outcome of 2 it's either this or remortgage.