Transfer of equity & additional borrowing

JustJudith

Hi, I've recently separated and am looking to transfer the house over to me and buy out my ex. In order to do so, I need to get an additional mortgage. Having worked out my finances, I can afford to do this however, my current lender has advised they will not lend me the full amount required. Is it worth me trying other lenders? The bizarre thing is, if I rent elsewhere, the cost would be the same as my new mortgage payments!! Any advise would be greatly appreciated. Thank you.

CSI_Yorkshire

Try a decision in principle from another lender, or speak to a broker who knows the wider market.

bigstevex

I'm nearly at the end of doing this myself, don't forget just because you think can afford it doesn't mean the bank does.  Use a no fee broker to take some stress off yourself with the situation though, that's what I did.

I had 20+ lenders not willing to offer me what I needed and about 10 would on the brokers list.  All sorted now and mortgage offered from Halifax.

How long is left on your current mortgage though as you might have to pay the ERC to exit it early.  Depending on the amount you need, is a loan an option, or family loan etc.