Mortgage problem with ex

evosy1978

Hi all.

Where is best and most accurate reflection of the house prices please.

Thanks

TheJP

Look at comparable sales within the area in the last 3 months, have a surveyor value the property or have an EA come and value the property for you. The best most accurate will be the surveyor and that will be at a cost to carry out.

evosy1978

TheJP said:

Look at comparable sales within the area in the last 3 months, have a surveyor value the property or have an EA come and value the property for you. The best most accurate will be the surveyor and that will be at a cost to carry out.

Thanks.

So a surveyor as in a building surveyor? 

pinkshoes

evosy1978 said:

So a surveyor as in a building surveyor? 

Yes, a chartered surveyor that values properties for banks and mortgage approval. Their valuations are far more realistic than any estate agent valuation, as banks are loaning huge sums of money so need to be sure their investment isn't going to fail.

evosy1978

pinkshoes said:

evosy1978 said:

So a surveyor as in a building surveyor? 

Yes, a chartered surveyor that values properties for banks and mortgage approval. Their valuations are far more realistic than any estate agent valuation, as banks are loaning huge sums of money so need to be sure their investment isn't going to fail.

Thanks. I'll start looking.

Can I ask, i may start a new thread.  I have fixed mortgage with 6 years left.  I need to give the ex her money,  can I remortgage and keep my deal?  Could I part remortgage? I've got a load of cash but I still need to get 50k.    What are my options for doing this so I don't lose my deal?  Thanks

kingstreet

evosy1978 said:

pinkshoes said:

evosy1978 said:

So a surveyor as in a building surveyor? 

Yes, a chartered surveyor that values properties for banks and mortgage approval. Their valuations are far more realistic than any estate agent valuation, as banks are loaning huge sums of money so need to be sure their investment isn't going to fail.

Thanks. I'll start looking.

Can I ask, i may start a new thread.  I have fixed mortgage with 6 years left.  I need to give the ex her money,  can I remortgage and keep my deal?  Could I part remortgage? I've got a load of cash but I still need to get 50k.    What are my options for doing this so I don't lose my deal?  Thanks

It wouldn't be a remortgage. When you are doing a transfer of equity to remove her from the ownership, you ask the mortgagee to remove her from the mortgage. It's dependent on your status and affordability but should allow you to keep the current product. Ask your lender before you start.

pinkshoes

evosy1978 said:

pinkshoes said:

evosy1978 said:

So a surveyor as in a building surveyor? 

Yes, a chartered surveyor that values properties for banks and mortgage approval. Their valuations are far more realistic than any estate agent valuation, as banks are loaning huge sums of money so need to be sure their investment isn't going to fail.

Thanks. I'll start looking.

Can I ask, i may start a new thread.  I have fixed mortgage with 6 years left.  I need to give the ex her money,  can I remortgage and keep my deal?  Could I part remortgage? I've got a load of cash but I still need to get 50k.    What are my options for doing this so I don't lose my deal?  Thanks

You'll need to speak to your mortgage provider. 

They need to be satisfied you have sufficient earning power to take the mortgage on your own before they take her off it.

If you re-mortgage and borrow more money from them to pay the £50k then it's unlikely you'll keep the same deal, and there will also be a hefty repayment fee! You might be better off trying to borrow the £50k from elsewhere then seeing if the mortgage provider will just remove her name from the mortgage. If there are hefty fees involved due to early repayment (as there are 6 years remaining) then this needs to be factored into your exes share too.

silvercar

evosy1978 said:

pinkshoes said:

evosy1978 said:

So a surveyor as in a building surveyor? 

Yes, a chartered surveyor that values properties for banks and mortgage approval. Their valuations are far more realistic than any estate agent valuation, as banks are loaning huge sums of money so need to be sure their investment isn't going to fail.

Thanks. I'll start looking.

Can I ask, i may start a new thread.  I have fixed mortgage with 6 years left.  I need to give the ex her money,  can I remortgage and keep my deal?  Could I part remortgage? I've got a load of cash but I still need to get 50k.    What are my options for doing this so I don't lose my deal?  Thanks

If the lender will give you the extra 50k as well as removing the ex's name, it is likely the current mortgage will stay on the current deal and the new part be on whatever deal is available at the moment. It is quite common to have one mortgage with the borrowing in two parts eg when someone borrows more money to build an extension.