mortgage help/recommendations please..

scotswarvet

I need a little advice please from a MSE Mortgage Advisor.

I would very much like to sell my property/our home to my wife as I myself have an adverse mortgage on a high rate through future mortgages - Mortgage 40k, valued at 80k.

My wife is the main earner with no adverse credit history earning 27k per annum.

My first question is would main line mortgage companies look at the equity as a deposit?

Secondly can anyone recommend a good rate long term mortgage provider as we have no plans of moving or changing providers every 2 years?

Any other thoughts from anyone are very much appreciated thank you.

Conrad

scotswarvet wrote:

I need a little advice please from a MSE Mortgage Advisor.

I would very much like to sell my property/our home to my wife as I myself have an adverse mortgage on a high rate through future mortgages - Mortgage 40k, valued at 80k.

My wife is the main earner with no adverse credit history earning 27k per annum.

My first question is would main line mortgage companies look at the equity as a deposit?

Secondly can anyone recommend a good rate long term mortgage provider as we have no plans of moving or changing providers every 2 years?

Any other thoughts from anyone are very much appreciated thank you.

Some lenders may allow such a sale to your wife, but be careful as many will lead you up the garden path and at the last minute decline the case as they will 'twigg' you will remain in residence which has big repurcussions should the new lender need to one day reposses (judge might say they cant repo as this would make a non - mortgage party homeless, ie - you).

Also Future mortgages will charge hefty fees for u to redeem thier debt.
Might be better to wait until Future mortgages 'tie - in' period ends, then remortgage. By then a high street lender can often do the case.

scotswarvet

Thanks Conrad.

Conrad wrote:

Some lenders may allow such a sale to your wife, but be careful as many will lead you up the garden path and at the last minute decline the case as they will 'twigg' you will remain in residence which has big repurcussions should the new lender need to one day reposses (judge might say they cant repo as this would make a non - mortgage party homeless, ie - you).

Also Future mortgages will charge hefty fees for u to redeem thier debt.
Might be better to wait until Future mortgages 'tie - in' period ends, then remortgage. By then a high street lender can often do the case.

I have been with future mortgages for more than 4 years - no tie in - it was a buy to let - I do not have a good credit history - my wife does.

Any other ideas anyone please?