Paying off mortgage to buy with partner

Matthenn1

I'm just over 2 years into a 5 year fixed rate 3.74% with Barclays, the balance is about £67,000 and the mortgage is in my name only.

Now me and my partner are looking to buy together, on a Barclays 10 year fixed at 2.99% for about £190,000.

I take it I'd either need to bite the bullet and pay the ERC? Even if it did work out cheaper to keep the current deal for 3yrs I'm not sure I can add her to the new mortgage?

All advice appreciated :-)

foxy-stoat

You are correct, I would wait and do the necessary when you dont get charged the ERC- unless once you crunch the numbers it works out cheaper for you to pay them and exit early - one for a broker I think.

Any reason why you want to add her to the mortgage sooner rather than later?

amnblog

Avoid 10 year fixed if you are living together for the first time.

Why would you want the Barclays rate in any case as it is not the most competitive.

If you are staying with Barclays, port the rate you have to the new property.

Matthenn1

I believe the ERC is 3% so on £67,000 that's £2,100. Whereas if I was to port it then over the 36 months remaining it would cost £2,700 extra in interest. I think....

The reason for adding her to the mortgage is so we can move to a different area and get a bigger house. Obviously wouldn't be fair to expect her to pay half (both deposit and mortgage payment) to not be on the mortgage.

Matthenn1

We do currently live together and have for some time but I do get your point!

I couldn't find something more competitive than 2.99% over ten years with 25% deposit. If there is I'll gladly look as don't mind moving.