Sole to joint change after remortgage

metal675

Hi,


Current situation - Mortgage in joint name (husband and wife) and going for remortgage with same lender / product transfer for a 2 year fix.



In few months time, the title will be changed to sole name. Subsequently after that is done, I wish to change the mortgage from joint to sole.


At this stage - What is the process from lenders perspective? Does it need a full application? Or will the lender simply change if the title deed has been updated and provided proof of?


Will the lender check for sole eligibility again or will there be any early payment charges?


Sorry too many questions, but I am a unsure what happens in this scenario.


Regards

Thrugelmir

What's your objective in doing this? Probably an easier way of answering your question.

metal675

Objective is to understand if a full/new mortgage application is required by the lender if I want to remove the partners name from mortgage ?


In my first post I have detailed the precise situation.

Sparx

Why do you want to remove your partner's name from the mortgage and deeds?

If it's to avoid debt and/or protect assets - it'll probably backfire on you both, badly.

Thrugelmir

metal675 wrote: »

Objective is to understand if a full/new mortgage application is required by the lender if I want to remove the partners name from mortgage ?


In my first post I have detailed the precise situation.

Eligibility checks will be performed. In effect it's a new application.

Nebulous2

Do you have a broker? What do they say?

Can't you do it all together?

I'd be concerned that you land with an early repayment charge if you take a fix and then change your mortgage.

davidmcn

metal675 wrote: »

In my first post I have detailed the precise situation.

Why are you proposing that the title would be changed at an earlier stage than the liability for the mortgage? In practice they'd be done simultaneously, if and when the lender has agreed to the variation. It would be daft to sign up to a new deal without knowing whether your current lender will allow the change to a sole borrower.

getmore4less

metal675 wrote: »

Hi,


Current situation - Mortgage in joint name (husband and wife) and going for remortgage with same lender / product transfer for a 2 year fix.


In few months time, the title will be changed to sole name.

You cannot just do that you will probably need the lenders permission


Subsequently after that is done, I wish to change the mortgage from joint to sole.

new mortgage and may even trigger any ERC.


At this stage - What is the process from lenders perspective? Does it need a full application? Or will the lender simply change if the title deed has been updated and provided proof of?


Will the lender check for sole eligibility again or will there be any early payment charges?


Sorry too many questions, but I am a unsure what happens in this scenario.


Regards

Title and mortgage need to be done at the same time.

the exception would be if you had a death certificate but guess that is not what is being planned.

metal675

Thanks all for responses so far.



Reason is we are divorcing and we have agreed to transfer to my name. However my current fix is ending this month - so I need to remortgage.
The remortgage will then be in joint names.




The divorce proceedings will take 4-5 months to complete Or in other words, it will not be 4-5 months later that I will initiate the process to change the title and mortgage.


When I come to that stage, I am not sure if the lender will do a sole eligibility check or if I have to pay an early payment charge ? I would have already remortgaged by then.



Has anyone been in this situation before?



Regards

BoGoF

Can you afford the mortgage in your own name?

It would in all likelihood be a full, sole application. There is no point making a joint remortgage application now on a fixed rate if that includes early redemption penalties. These would be triggered if you go joint to sole.

davidmcn

metal675 wrote: »

However my current fix is ending this month - so I need to remortgage.

No, you don't "need" to. It'll revert to your lender's standard variable rate.

When I come to that stage, I am not sure if the lender will do a sole eligibility check or if I have to pay an early payment charge ? I would have already remortgaged by then.

The risk is that your current lender says no to the transfer to your sole name, and then you're stuck (unless another lender would agree and you're prepared to pay the early redemption penalty to switch). You might be better to put up with the SVR for a while (unless you can find a penalty-free product).