Process of adding partner to mortgage

dalehitchy

I bought a house just under 2 years ago and I'm coming up to the end of my fixed term mortgage period.

I had to get the mortgage in my name as my partner had something on his credit file which meant that banks kept coming back wanting a 20% deposit instead of the normal 10%.

Now that the thing on his credit file is over 6 years, it should have disappeared. I want to get the mortgage in both our names for security purposes. I know that is going to mean solicitors all over again. Last time we paid about £1000, are these going to be the same costs.

Last time we used a mortgage broker and they got us an offer where £900 went to our solicitor fees. Would we able to get offers like these again if we go to the mortgage broker again. Wouldn't technically be a remortgage.

d0nkeyk0ng

I'm with Nationwide and wanted to add my wife to the mortgage. I was coming up to the end of the fixed term period. If I stay with Nationwide, I pay £150 fee to add my wife plus solicitor costs (I'm getting quotes from £600-800) for transfer of equity. So it may be worth looking at what deals your current mortgage provider offer to keep you as an existing customer.

minimike2

You don't really just "add" someone to a mortgage - You have to re-apply for a new joint mortgage as they have to be assessed.

There is no reason to stick with your current lender as suggested above since your rate is coming to an end anyway - Of course they are an option, but you would still be better off looking at what else could be available to you.

You will be looking at the transfer of equity costs - Around £350-£400 all in would usually be reasonable for this. Depending on if you move the mortgage depends on other legal costs and if any deal comes with a fee assisted legal package.

Lots of options here so your advisor will be able to help you establish the correct route for you.

skinnylove

Just gone through a Transfer of Equity with Nationwide. Their fee was £125 and then we paid a solicitors fee of £395, so £520 all in. We had a few quotes from different solicitors, most expensive being about £600 + VAT!