Title Transfer on Mortgage/Remortgage

ST1991

Hi all,

I hope this is the right place to ask this...

I currently have a mortgage with Natwest, my ex husband and i broke up over a year ago and now i am looking at buying him out of the house with my new partner. I do not met the lending criteria on my own for the remaining mortgage, let alone any additional borrowing.

I spoke to Natwest and they brought up my account to check affordability with additional lending (to buy my ex out) whilst i was in branch - however this didn't include any credit checks at this stage on me or my new partner. The adviser said we met the affordability criteria based on LTV, the mortgage total, both salaries and any debts etc.

I assume the title transfer is a simple process, all being well, and that solicitor fees would not cost as much as when buying/selling?

My questions are:

- As i already have a mortgage with them, i'm 'assuming' (i should never assume) that i should get the all clear for a remortgage with them from my side of the deal

- Is there likely to be an issue with my new partner going onto the mortgage when he is fairly new to the UK (9/10 months, originally from Europe so no right to work issues) and has pretty much no credit history here (good or bad)

-Is there anything else i need to consider with a title transfer, such as additional costs i may not have considered?


Sorry if these are stupid questions, i bought the house with my ex approx 3 years ago and that was the only buying/selling/mortgage-y/solicitor-y experience i've ever had.

[Deleted User]

Are you tied to Natwest?
The additional borrowing with them is put as a separate loan within your mortgage and it will have its own product period. This means you may have a year left on your own fixed rate and take 2 years for the additional bit. Its not the end of the world but just means you are never able to easily remortgage both bits without paying some form of penalty to exit one of the deals.

Natwest famously give existing customers higher rates than new customers so if you have the option of leaving them, this is as good a time as any

ST1991

Thanks for the quick reply!

I'm not in a fixed term with them at the moment, but would like to be as the payments are much higher at the moment. We never re-fixed a rate or remortgaged after our fixed term ended because we were going to sell the house, but things change and we're now almost a year later still not fixed.

We would be looking at borrowing more at the same time as remortgaging with them. I hadn't considered remortgaging with a different as figured it would be easiest to the the title transfer/remortgage/borrow more all at the same time in the same place?

[Deleted User]

If you approached a new lender (either directly or through a broker) you just apply for a mortgage for whatever your balance is plus additional funds to buy your ex out. You take whatever rate you want to take and they issue the offer in the exact same way as any other case.

When the case gets to the conveyancer, they will do a bit extra work to remove your ex from the title. It adds a couple of extra weeks and needs the signature of your ex. You dont have to do a lot, just give them some time and they will do it all.

Natwest will be assessing you and your current partner as a brand new applicants to meet and pass affordability and criteria. You will however not get access to the new applicant rates as you already have a mortgage with them

Staying with Natwest and going to a broker to get the best deal would be 99.9% the same amount of work so I would encourage you to try do the latter.
Like I said, Natwest existing customer deals are not competitive in general . I just moved my own mortgage away from them because there was such a difference.

ST1991

Thanks! I used a broker initially when the house was purchased to find the best mortgage deal, and i was happy with him so i'll go back to him again.

I'm not sure if the new applicant (not been in the UK long) would post any issues? Does anyone have any experience of that in particular?

[Deleted User]

Most lenders won't do it with lack of decent residency but there are some decent ones who don't have any limits, as long as can pass credit scoring with them they should be fine