BTL in wife's name. Joint mortgage?

Spudton

Hi, my wife has a house in her name from a previous marriage. The mortgage is currently at standard rate (above 5%).
LTV is around 60%.
Would like to remortgage with a buy to let deal (half the Interest rate) but she doesn't work. Can she borrow the money using my salary if I'm not on the deeds? If not, is it an expensive , long process to add me to the deeds? I'm assuming we set the ownership in a 90:10 ratio to avoid them paying tax on rent.
Thanks.

K_S

@Spudton

- if the BTL property is self-financing (as per lender calculations) and it can be evidenced that your wife doesn't depend on it for living expenses, there may be options to remortgage to a different provider and fix at a better rate.

- is there a reason why she hasn't just done a product switch (staying with the same lender) and fixed at a lower rate? Who's the current lender? This doesn't usually involve any new checks.

- this is just generic advice and the specific tax implications (if any) will depend on the values involved. As a married couple you should be able to add your name on to the deeds fairly easily. Depending on the size of the outstanding mortgage this *could* trigger an SDLT charge. Roughly speaking that'll come into in the picture if the outstanding mortgage is in excess of 250k.

Spudton

Hi, yes it's self financing rent is 600 Vs (current ) interest payments of around 400.
Haven't remortgaged yet because of , we'll just laziness.
Mortgage outstanding is well below that threshold.
Thanks.

Spudton

Current lender is barclays

Spudton

Current lender is barclays

K_S

Spudton said:

Current lender is barclays

@spudton If it's Barclay's then the simplest option would be to do a product switch (aka rate-switch) to a new fix at a lower rate. As long as you aren't looking to borrow extra or change term, etc, at 60% LTV with Barclays, you should have rate-switch options well south of 2%. And this option doesn't involve any underwriting, affordability checks, credit checks, etc. Good luck!