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Transfer of Equity
londong
Posts: 14 Forumite
Hi guys
I asked a question a couple of weeks ago regarding remorgaging on my own due to husbands bad credit rating (several defaults in the last 3 yrs all settled now)
someone pointed out to me that I may be able to do a transfer of equity rather than remortgage so I have a few questions about this:
1 - what affordability tests are done for TOE? is it the same as for remortgage with new lender
2 - do all details have to remain the same? ie the term? (reason I ask is the online calculators lend me much more on a 25 yr term)
my details are salary at the time of applying will be £30100, no loans or cc payments, no other debts, 2 kids but no childcare costs, age will be 31 and the remaining mortgage term I have is approx 128k (18yrs).
based on the info, does it look likely that I could do transfer of equity to remove my sister from the mortgage and leave just my name on it? and in order to do do I just contact the current lender?
Many thanks for any help!
I asked a question a couple of weeks ago regarding remorgaging on my own due to husbands bad credit rating (several defaults in the last 3 yrs all settled now)
someone pointed out to me that I may be able to do a transfer of equity rather than remortgage so I have a few questions about this:
1 - what affordability tests are done for TOE? is it the same as for remortgage with new lender
2 - do all details have to remain the same? ie the term? (reason I ask is the online calculators lend me much more on a 25 yr term)
my details are salary at the time of applying will be £30100, no loans or cc payments, no other debts, 2 kids but no childcare costs, age will be 31 and the remaining mortgage term I have is approx 128k (18yrs).
based on the info, does it look likely that I could do transfer of equity to remove my sister from the mortgage and leave just my name on it? and in order to do do I just contact the current lender?
Many thanks for any help!
0
Comments
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No-one can tell you what your lender's attitude is going to be to your transfer of equity application unless they've been through the process with the same lender.
Even then, the chances of their circumstances being the same as yours are slim and none so the value of the experience would be doubtful.
Why not put your questions to your lender directly?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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