Remortgaging and removing name ...

Hi there
I'm looking to extend my mortgage in order to pay for home improvements. I'm in a fortunate position of only having a bit over 2 years left on my current mortgage. I want to extend the term on my mortgage (up to 5 years) rather than up my payments. I've been to my current provider to discuss it and they have agreed I can go ahead. However, I need to get my ex-husband's name off the current mortgage (about £350?) then effectively re mortgage, and borrow the money to pay off the current debt plus the extra I need for the extension. I'm wondering, if I go to another provider, could I remortgage with them, fee free, saving the money I would have paid out to get his name off? I'm sure there must be a way to save a bit of cash here, I just don't know the best option! Any advice would be appreciated :beer:

Replies

  • ThrugelmirThrugelmir Forumite
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    New lender will require all the legalities to be gone through again. Presumably your ex no longer has any claim against the property.
  • AnotherJoeAnotherJoe Forumite
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    Is your ex's name on the land registry entry ?
  • No, we've come to an agreement that I pay him a lump sum once my youngest child reaches 18. He's happy for me to take his name off the mortgage, but obviously it will cost me ...
  • MoneyGeoffMoneyGeoff Forumite
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    There isn't really such a thing as 'taking someones name off a mortgage'. You get a new mortgage in your name only and this replaces the old mortgage. It's often cheaper to do this with your existing provider rather than remortage with a new provider.

    The £350 fee you mention is probably to remove him from the title held by the land registry.
  • ThrugelmirThrugelmir Forumite
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    Ali_Edge wrote: »
    No, we've come to an agreement that I pay him a lump sum once my youngest child reaches 18. He's happy for me to take his name off the mortgage, but obviously it will cost me ...

    In which case you'll need to borrow more than you envisaged. Is it affordable over a 5 year term.
  • AnotherJoeAnotherJoe Forumite
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    Is your ex's name on the land registry entry ?

    Ali_Edge wrote: »
    No, we've come to an agreement that I pay him a lump sum once my youngest child reaches 18. He's happy for me to take his name off the mortgage, but obviously it will cost me ...


    So, just for clarity, although your husbands name is currently on the mortgage, you've already had his name taken off the LR entry, which now just shows you as sole owner?
  • amnblogamnblog Forumite
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    Even on a 'legals paid' remortgage deal you will be charged for the extra work of removing a name from the property.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
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