Remortgage for extension

foreveradevil

Hi,

My wife and I owe 75k on a mortgage that is solely in her name. Our house is valued at 165k and we would like to remortgage and release 50k for an extension. We have planning permission and a builder all ready to go.

Now for the tricky part, my wife and I are teachers and she has returned from having a baby to work on a fixed term contract until August 31st when she then starts a new job on a permanent contract 1st September. Will the current lender be ok with this situation and consider the remortgage? Or should we get me on the mortgage as I work full time and earn a good salary? In that case could we move lender? How would that process work? Or could I get a new mortgage on my own and buy the house? Is that possible to buy a house from my wife? I don't care about both names on the deeds, I just want the best way to release equity.

Thanks in advance

Rob.

Mortgage_Adviser

So who are the current owners of the property? Is it two of you or just her?
Who are on mortgage currently? Two of you or just her?

Who is the lender?

foreveradevil

Mortgage_Adviser wrote: »

So who are the current owners of the property? Is it two of you or just her?
Who are on mortgage currently? Two of you or just her?

Who is the lender?

Hi,

It is only her on the mortgage at the moment, no link to me whatsoever. The current lender co-operative Bank.

Rob

enthusiasticsaver

I don't think the mortgage lender will have an issue with your wife being on a fixed term contract until august and then permanent from September. Is her income sufficient for the £125k mortgage? If not, it might be better for you to be added but you will also need to put your name on the deeds. Personally I would have thought this would be sensible anyway in case anything happened to her. I think it can be done quite simply. Do you have another property elsewhere?