Remortgage as an individual

Firstimer123

Hi all,

looking for some advice

I need to remortgage my house from a joint to an individual due to splitting with my partner, he has agreed to sign over house to my name due to not having contributed anything. I’ve filed a change of parties with current provider who are only offering me 35000 which is a shortfall of 50000 on the outstanding value. I am able to afford this on a wage of £37000, with no debts loans or credit cards and  have provided statements and payslips however I am currently on sick leave (full pay). 

Could this be the reason for the shortfall in offer or can you suggest what this reason could be?

K_S

@firstimer123 It's hard to say without knowing which lender and details of the leave/pay. Are you on long term sick leave? A lot of lenders will not accept sick pay as income unless you either have a firm return to work date or have already rejoined. If you haven't already, do ask the lender for a reason.

If it's a no-go with your current lender, is there an ERC to pay if another lender would be willing to lend what you need?

Firstimer123

I’m due to return to work next month and can provide details and confirmation of this.  I have asked for a reason and waiting to hear back. 

Yes there is a small ERC but I would be willing to pay this if I can get another lender. Am I able to go to another lender if I have filed a change of party?

Firstimer123

Also the lender is virgin, the leave is for 6 months on full pay

K_S

Firstimer123 said:

I’m due to return to work next month and can provide details and confirmation of this.  I have asked for a reason and waiting to hear back. 

Yes there is a small ERC but I would be willing to pay this if I can get another lender. Am I able to go to another lender if I have filed a change of party?

@firsttime123 Yes, in principle there's nothing stopping you from remortgaging to another lender along with a transfer of equity if Virgin is a hard no. But see what Virgin says first or you could just wait till you're back at work in a month if that's the sticking point for them.