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Which Mortgage do we need!!!
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tinytot143
Posts: 275 Forumite
We have moved into my parents house and in the process of changing the house into mine and my husbands name. We are wanting to do an extension but need to remortgage to do so. When I have been looking at mortgages I aren't a first time buyer, looking at remorgage they are asking for my mortgage details that I already have! which we don't have an existing mortgage on the property?
What do I put it under?
What do I put it under?
Light bulb moment - 18th Sept 2006 DFW 88
:ADD1 17/1/04 (9 weeks early):ADD2 1/9/07 (4 weeks early) :ADS 5/7/2011 (5 weeks early)
Started comping June 2010 (my bad luck follows me everywhere I go so won't win anything)
Tracey 
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Comments
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It's not a remortgage.
It's just a mortgage, if you're buying the property.
Or do you mean you're remortgaging another property to release some equity?0 -
If you own it, it's a remortgage of an unencumbered property.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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You might have to wait six months after you become owners of the property.0
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We’re not buying the property at all. It’s my mums house and our names are going onto it as she is retired so we need to fund the extension!!!Light bulb moment - 18th Sept 2006 DFW 88:ADD1 17/1/04 (9 weeks early):ADD2 1/9/07 (4 weeks early) :ADS 5/7/2011 (5 weeks early)
Started comping June 2010 (my bad luck follows me everywhere I go so won't win anything)Tracey
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Why would I need to wait 6 months?Light bulb moment - 18th Sept 2006 DFW 88:ADD1 17/1/04 (9 weeks early):ADD2 1/9/07 (4 weeks early) :ADS 5/7/2011 (5 weeks early)
Started comping June 2010 (my bad luck follows me everywhere I go so won't win anything)Tracey
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Is your mum still living there?
is she gifting you the house?0 -
you need a mortgage, not a remortgage.
A remortgage is what you need if you already have a mortgage on a property and you want a new rate.
If you look for a mortgage you won't be asked for existing mortgage details.0 -
Any reason why you're ignoring what I posted above?you need a mortgage, not a remortgage.
A remortgage is what you need if you already have a mortgage on a property and you want a new rate.
If you look for a mortgage you won't be asked for existing mortgage details.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 -
SOME lenders won't entertain a mortgage application on a property until it has been in current ownership six months or longer.tinytot143 wrote: »Why would I need to wait 6 months?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 -
Just to clarify terminology;-
Customer retention Product/Product Transfer/Rate Switch
A mortgage with current lender and taking a new rate with current lender.
Remortgage
A mortgage with a new lender to repay existing mortgage to get new rate and possibly borrow more.
Remortgage of unencumbered property
You own a mortgage-free property and want to use is as security for a loan from a first charge/residential lender.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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