Help with mortgage?

TIGs

I am in the process of taking over the mortgage from my ex husband.
I have a tranfer form from the people we have the mortgage with and an appointment next week with a conveyancer to sort out getting deeds being swapped into just my name. But........

Do i have to stay with the company we're with or do i have the option to get a mortgage with someone else?

What is the best kind of mortgage for me to get? (ex always did this sort of thing and to be honest i haven't got a clue)

Would i be able to get a little bit on top to pay for conveyencer fees, pay off my car etc?

Please try to reply in one word sylables cos i'm finding it all rather difficult to understand :eek:

Thanks

dwsjarcmcd

In your situation, with to quote you 'I haven't got a clue' you really should go and see a mortgage broker. There are fee free brokers who don't charge you personally, so you've nothing to lose.

There is just not enought info in your post to answer your questions.

David

firesidemaid

who is the mortgage with now? what is the rate? are you in any kind of fixed term?

how much is the mortgage for and how much is the house worth?

does the lender know you are taking on the mortgage and are they happy/satisfied that you are earning enough to pay it?

sorry for all the questions, but this is the minimum amount of info that anyone will need to be able to help you x

TIGs

firesidemaid wrote: »

who is the mortgage with now? what is the rate? are you in any kind of fixed term? The Mortgage is with the Derbyshire Building Society, don't know what the rate is or where i'd have to look to find it and not sure if any fixed term)

how much is the mortgage for and how much is the house worth?
The house is worth 5 times more than what the mortgage is (sorry don't really want to put figures on here as there might be some people looking i don't really want to know)

does the lender know you are taking on the mortgage and are they happy/satisfied that you are earning enough to pay it? the lender know i am taking on the mortgage as i have already been paying it myself for the last 6 years just never had ex sign it over. They said they can't see any problem me taking it on but obviuosly can't say till they have had all my details. (waiting on ex paying some money off the property before i can take over what i owe)

sorry for all the questions, but this is the minimum amount of info that anyone will need to be able to help you x
Don't worry about the questions its good to know the sort of things i should be asking my lender, was going to ring them tomorrow anyway so will ask them about the fixed term and rate.

thanks for your help its very much appreciated x

herbiesjp

Has your current said you are ok to carry on the mortgage in your own name? Is you income higher enough for them?

Are you tied in to your current deal/lender at the moment? This will dictate wheterh or not it is a good idea to leave the lender or not

Edit : posted at the same time lol

firesidemaid

if you've had your mortgage for a few years it may be on the standard variable rate and so there may be some money to be saved per month.

depending on how your finances are, you could decrease the term and pay off more per month so it is paid off quicker, or leave the term the same and just reduce your monthly payment.

i expect you could increase the loan if it is only 20% ltv, but remember then you are making that bit of the loan/money for the car secured to your house.

TIGs

I only £2,000 on my car so thought i'd put all my debts together rather than having a few seperate ones. I would then count it all as a loan on my house rather than a loan for the house and a loan for the car.

There is a bonus for paying loan off on car so thought it would be a good idea to pay it off rather than still have 18 months to pay it off.

Tried to click thanks button but for some reason won't let me but will keep trying.

Thanks for your help x