Remortgaging from joint borrower sole proprietor to sole borrower

Friday1989

I have a joint borrower sole proprietor mortgage with my stepmother. In three years my mortgage deal will end so I hope to remortgage on my own.

I've been overpaying, my wage has increased (and is guaranteed to increase more) and I've added value to the property by doing it up (new kitchen etc). In three years I'll need to borrow about 3/3.5 times my income and my only debt is my student loan so it will definitely be affordable. I'll have at least 50% equity (unless everything crashes...) so I think I'll be a fairly safe bet. 

When the time comes, what will I need to do to remortgage on my own? Everything I've read about moving to only one person on the mortgage talks about 'transfer of equity' but as it's JBSP, she has no equity. 

Would I just contact a broker and say I want to remortgage on my own? Will it be hard to find a lender or will it be the same as if I was remortgaging and was the sole borrower from the start? 

Thrugelmir

Where does your step mother reside? 

Friday1989

Thrugelmir said:

Where does your step mother reside? 

Several hundred miles away! 

K_S

Friday1989 said:

Would I just contact a broker and say I want to remortgage on my own? Will it be hard to find a lender or will it be the same as if I was remortgaging and was the sole borrower from the start? 

@friday1989 Based on the limited info in your post, as long as the mortgage is affordable on your sole income, it'll be a fairly straightforward remortgage

Friday1989

Thanks @K_S ! It's good to know it shouldn't be too complicated