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Raising Extra Funds By Adding Partner?
elle_gee
Posts: 8,584 Forumite
My partner has a £78k mortgage. House is probably worth about £110-115k.
If I was to be added to the mortgage, would it free up more borrowing? He has some unsecured debt we need to pay off.
Please can someone explain to me how it works?
Thank you very much in advance!
If I was to be added to the mortgage, would it free up more borrowing? He has some unsecured debt we need to pay off.
Please can someone explain to me how it works?
Thank you very much in advance!
0
Comments
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If your partner wants your name on the mortgage/deeds then they will have to remortgage, the amount the two of you can borrow together will depend on your incomes and how much you can afford to pay, dependent on what your credit records are like then you might be able to borrow up to 95% of the value, its generally considered a bad idea to swap unsecured debt for secured debt, particularly in the current economic climate. Your partner should ensure they make some protection for the equity they currently have in the house.
Sam"You've been reading SOS when it's just your clock reading 5:05 "0
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