slightly complicated mortgage scenario

dd2023

Hi all

My husband and I have been waiting for a property in a specific area and therefore have not marketed our property yet.

we have been renovating and its still not quite finished so not quite ready to market yet.

However, a property has appeared on the market in the area we want to move to and the seller has specified they do not want anyone in a chain so they certainly won't be waiting for us to finish our house

The plan is that I will take out a mortgage in my own name because I can borrow more on my own than my husband and I can borrow together.

Once our current place is sold, which should be less than a year, then whatever equiry is there will pay off some of the mortgage, then we will transfer it into joint names rather than just mine.

I know I will have additional stamp duty to pay due to the "second home"

My questions are:-
Once our current home has sold, in order to pay off some of the mortgage and add my husband to it we will need to take out a brand new mortgage. Is it better to just take out a tracker mortgage now so that there will be no ERC, but have more to pay because of the higher interest rate, and then the interest rates are going up again soon, or should I fix for 2 years and leave the equity from our current house in a savings until the 2 years is up?

Secondly, once I add my husband will we be liable for yet more stamp duty if its seen as a "transaction"?

Thanks 

DullGreyGuy

Do you have a mortgage on your current property?

Are you intending to buy it in just your name or in joint names but single name mortgage? - if the later then there is no stamp duty when correcting but lenders can have issues with the owners and debtors not matching.

dd2023

we have a mortgage on our current property but it is only in my husbands name. I moved in after selling my own house but we never bothered to add me to the mortgage or deeds.

I am intending to buy in my own name not joint names and then after our current home is sold I will then add my husband to mortgage and deeds

ACG

It might be worth speaking to a broker. 
Theres a few little things that could catch you out with your plans, nothing that should prevent it but if you have a broker they can also give you tailored information rather than generic to all of your questions.