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Can I even remortgage ... with my husband?
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gemmylouise
Posts: 102 Forumite
Help....???
I have an interest only mortgage with a relative. The relative is happy to be removed. Mortgage is for 67k and it is for sale for 74k (only 7k equity)!
I want to get a mortgage with my husband who currently doesn't have a mortgage. Can we remortgage, e.g remove thevrelative and add my husband. It will of course be a repayment one too. If we are able to remortgage I assume we would need to add more to the equity?
I'm so confused. Thanks
I have an interest only mortgage with a relative. The relative is happy to be removed. Mortgage is for 67k and it is for sale for 74k (only 7k equity)!
I want to get a mortgage with my husband who currently doesn't have a mortgage. Can we remortgage, e.g remove thevrelative and add my husband. It will of course be a repayment one too. If we are able to remortgage I assume we would need to add more to the equity?
I'm so confused. Thanks
0
Comments
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If you are moving home it is straight forward, your current mortgage is redeemed on sale and you get a new mortgage with your husband on your new property.
The amount of your new mortgage depends on the current lender's criteria on LTV, affordability, credit checks etc.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I am confused too.
Is your property for sale? If so why not wait until you sell then you and your husband get a new mortgage on the new property.
Adding your husband and removing your relative will be a new mortgage not a remortgage and the bank/building society will do all the usual checks.
Often with mortgages the higher the % you put in the better the interest rate, so if you have extra funds you may wish to put in more.0 -
Do you want to change lenders before you move - that is a remortgage?
Do you want a new mortgage with a new lender to facilitate your move - that's a purchase mortgage?
The answer to your question depends on the above.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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