Where to go for advice on combining two people into a new mortgage

TheBadgerIsIn

Hello! I'm currently a lodger and I'm now looking to move to a bigger place with my landlady of 8 years (who has become a very close friend). We're trying to sort through our options and we're not sure who to ask for advice.

Option 1: get me on her existing mortgage and transfer that. Her bank have said they'll offer us her current rate on the amount of the existing mortgage, and then a new (let's be real, worse) rate for the rest.

Option 2: I buy a new house, then she sells the current house and buys into the mortgage of the new house. This means we don't have to try and get everything done in one go and end up in the middle of a chain, but it does mean we'll have to look at significantly smaller places because we'll have less deposit.

Option 3: just sell this place and get a new mortgage together like normal people. 

Where we're struggling is thinking of impartial advisors who can help us sort through the options (because it feels like banks/mortgage brokers/solicitors might not be completely impartial.) So, do any of you have any opinions or suggestions of things we should think about around these options, and do you have any suggestions of who we could go to for advice?

DE_612183

How long is her current rate running for and what % is it?

elsien

How is she planning to protect her current equity, should either of you need or wish to go your separate ways in the future? 

ACG

In what way is a mortgage broker not impartial? (Genuine question as I know a lot of brokers and in that time I have only met 2 I would not trust with a barge pole - both worked for the same company). 

I think in the main, if you avoid the large corporate estate agent brokers, 99% of brokers are on your side. 

If you think commission sways us - it doesnt. Assuming high street lenders are where you will end up the difference between highest and lowest is negligible, maybe £50 on a £200k mortgage. Not enough to risk losing our license. 

TheBadgerIsIn

DE_612183 said:

How long is her current rate running for and what % is it?

1.75% until Feb 26

elsien said:

How is she planning to protect her current equity, should either of you need or wish to go your separate ways in the future? 

We're thinking a declaration of trust, which I think should work?

ACG said:

If you think commission sways us - it doesnt. Assuming high street lenders are where you will end up the difference between highest and lowest is negligible, maybe £50 on a £200k mortgage. Not enough to risk losing our license. 

That's reassuring to hear, thank you!