Remortgaging by one owner, but two names on deeds etc

EN4CER

Hi there,

This is our predicament and wanted some knowledgeable advice please.

My wife and I have a repayment mortgage of £70,000 on a property valued at £400,000,with around 11 years left to pay.

Our current fixed rate deal has ended. We wanted to remortgage and add another £30,000 bringing it back to £100,000 outstanding. Our current lender, the Halifax turned us down, as did First Direct because unbeknown to me my wife ran up some small debts and is now paying them back via a replacement plan!. I have a loan, credit cards, but an impeccable credit history.

I wanted to know if there are any lenders who will allow me to take a remortgage in just my name, even though both our names are on the deeds.? I know the Halifax won't!

Failing any suggested lenders, can any knowledgeable person recommend a way to achieve our objective?

Thanks in advance of your anticipated help.

Kindest regards

YHM

There are a couple of lenders that will allow an indirect charge (sole mortgage, joint deeds), but they wouldn't be comfortable with you setting it up this way to dodge her being assessed.

Another option, would be to remortgage it all in into your sole name, and then remortgage it back at the end of your new rate, which should have given some time for your wifes credit position to improve. It will cost to complete the 'transfer of equity' process at both ends, but it depends on how important that extra 30k is to you...

EN4CER

YHM wrote: »

There are a couple of lenders that will allow an indirect charge (sole mortgage, joint deeds), but they wouldn't be comfortable with you setting it up this way to dodge her being assessed.

Another option, would be to remortgage it all in into your sole name, and then remortgage it back at the end of your new rate, which should have given some time for your wifes credit position to improve. It will cost to complete the 'transfer of equity' process at both ends, but it depends on how important that extra 30k is to you...

Thanks for the info..

Do you know the leaders who offer sole mortgage, joint deeds?

Just to clarify your second suggestion, My wife would transfer the equity or the house to me, I then get a sole mortgage from anywhere for 100K?

Do you know the ruff cost of transferring equity / deeds into my name?

Many thanks again

EN4

sparkey1

https://www.halifax.co.uk/mortgages/existing-customers/managing-your-mortgage/#add-remove-named-person

EN4CER

Hi all, picking back up on this thread as our fixed rate deal has now ended.. Does anyone know of any lenders who will lend on a sole mortgage but with joint names on the title deeds?

Thanks in advance for your help and advice.

EN4

enthusiasticsaver

I don't think you will find a lender willing to do that. They would be in the position of not being able to repossess if there was another owner not named on the mortgage.

EN4CER

enthusiasticsaver wrote: »

I don't think you will find a lender willing to do that. They would be in the position of not being able to repossess if there was another owner not named on the mortgage.

Thanks for your reply.. Do you know a ruff cost of a transfer of equity and is it a lengthy complicated process?

Many thanks

EN4

kingstreet

Only HSBC offers a sole borrower, joint proprietor proposition.