Quick and simple mortgage question

dcouponzzzz

Morning My 5 year fixed rate joint mortgage expires 31st December this year. From this date I'd like to remortgage alone. I'm already familiar with the rate offers and will likely be going for First Direct 2 year fixed rate 85% LTV residential (I do have a current account with them).

Question: At what point should I reach out to First Direct to start the process? Would that be now, or say 4 weeks before the due date etc?

Thanks in advance

ACG

You would like to remortgage alone - does that mean you are currently in a joint mortgage?

If you are, then a transfer of equity will need to be completed so I would say anytime from now would give you plenty of time.

If not, then probably within the next week or so, with Christmas and new year in there, it is probably best doing it sooner rather than later.

TrickyDicky101

Who are you in a joint mortgage with and what is their situation?

dcouponzzzz

Thanks for the replies guys, I'm in a joint mortgage with my sister, who will be taking half of the difference between what we owe and what it's worth and going to live in my parents while finding somewhere herself. As it currently stands, if the house is worth what the last estate agent quoted, I will retain 82-83% LTV after paying my sister what's due.

I'll be googling the transfer of equity process, but QQ here, would I need to complete this before, during or after applying for the new mortgage?

ACG

I would apply for the remortgage and let the solicitors dealing with the remortgage do the ToE. Most remortgages include free legals, however you will have to pay for the ToE - £300-500.

dcouponzzzz

Thanks ACG, much appreciated