Going from 3 names on mortgage to 2 names with remortgage

themothy

Hi, I currently have a mortgage with my father and brother for our family home which we've had for 10 years and which we obtained by visiting a bank branch. My father is approaching retirement and has bad credit, and as we're on the standard rate we're looking to remortgage to get a fixed rate which is currently low (and with Brexit upcoming I'm wondering if it's important we get something fixed now).
If me and my brother apply for a remortgage and leave my father out, would there be any significant fees or tax implications? We have already had a mortgage in principle from a bank but haven't proceeded with a fully application.
Any advice would be greatly appreciated.

Tom99

Presumably you each own 1/3rd of the house? Your father would need to be party to the mortgage even if he was not named as a borrower since the mortgage would be secured on the house, not just your share of it.
I would check the mortgage co are aware of the situation before going ahead with a full application.

themothy

Yes, we each own 1/3, and we are all on the current mortgage and on the land registry. We all chip in for the monthly payments (repayment mortgage), which has an interest rate of 4.24% on the standard variable rate. My father is actually the one suggesting we switch deals to lock in a cheaper rate so yes it would be secured on the whole property.
Ideally we'd like for just myself and my brother on the re-mortgage (so that we can get one and fix the rate in), but with all 3 of us on the land registry, though don't know if that is possible.

AnotherJoe

You can probably arrange a cheaper rate online with the current provider without going through any credit checks. Have you tried?
Brexit is irrelevant, though if anything it makes the odds of a rate cut higher.