Re-Mortgage - been told I need to add my partner to mortgage/Deeds?

c.grex

In the process of moving my mortgage from Northern Rock to First Direct.

I have had a phone call today saying that for my earnings they won't be able to offer me a mortgage (mortgage £116000, earn £33,000). I have been told they will continue with the mortgage if I have my partner added to the mortgage and also to the house deeds. I have been told I need to contact a solicitor and find out what they will charge for this service, and if I'm happy with the fees, get back in touch with First Direct with the details of the Solicitors.

Anybody any idea how much this is going to cost? and what I need to ask the solicitor for?

Thanks
Chris

Scousebird_2

Don't know how much it costs but a solicitor can add your partner to the deeds but FD will still have to accept your partner through a credit check-but the deeds part is easy-bearing in mind she will then own the house and the debt with you-but is not legally bound to pay any mortgage until the account has her name on it-so she will own the house without the financial obligation for a couple of days/weeks until the mortgage account is transferred over to FD-lucky woman!

Rick62

For a Transfer of Equity most lawyers charge about £200 to £300, sometimes a bit cheaper if also doing the remortgage or a bit more if doing just the transfer.

c.grex

Rick62 wrote: »

For a Transfer of Equity most lawyers charge about £200 to £300, sometimes a bit cheaper if also doing the remortgage or a bit more if doing just the transfer.

That much! I'll give them a ring tomorrow, and see.

I take it I can do this with while my mortgage is still with northern rock, and then it will just be a normal re-mortgage then? do I need to ask solicitor for 'transfer of equity' ?

michaels

What are FD's lending criteria - you are only asking for about 3.5x salary - may be you have loans/credit card debt that is reducing what you can borrow? Perhaps you could transfer this to your partner's name while the mortgage goes through (assuming they were willing) If it is credit card debt for example you could do a balance transfer. Reason for suggesting this is to save on the fees for changing the mortgage/deeds.

c.grex

michaels wrote: »

What are FD's lending criteria - you are only asking for about 3.5x salary - may be you have loans/credit card debt that is reducing what you can borrow? Perhaps you could transfer this to your partner's name while the mortgage goes through (assuming they were willing) If it is credit card debt for example you could do a balance transfer. Reason for suggesting this is to save on the fees for changing the mortgage/deeds.

I've asked about why I can't have the mortgage, didn't really nget a straight answer, only that they won't offer me it on my own.
It's not a problem adding my partner, just a pain having to find the extra costs, but looks like it will have to be.