Mum and Son mortgages, Now want a solo single mortgage. Please help !!!

alldalights

Hello Money savers,

Any help with my current situation would be greatly appreciated.

Two years ago, my Mum and I bought a house. She put in £45k and has a 25% equity stake in the property. We have a joint mortgage but I effectively pay it on my own. I need to remortgage in a few months and I envisaged things to happen in this order:-

1 - I'd make a single application to say Abbey and they'd agree and make me an offer
2 - I'd appoint a solicitor who would act as the safe go-between and who would pay off the existing joint mortgage my Mum and I have, effectively ending the contract.
3 - I'd have a new solo mortgage with my Mum off the document (although she obviously still keeps her 25% equity stake in the property)

Simple so far? ..... Well according to the advice I'm getting from both my current Lender and a broker who I'm thinking of using to set up my next mortgage, not on your Nelly!!!!

My broker tells me that I'll need to get my Mum's name off the mortgage before I make a solo application, because it complicates matters. So I looked into it and I couldn't believe what it would cost:

1 - Mortgage company charge £200 to effectively close the joint application and "Port" the old rate across to a new single application deal termed "Transfer of Equity"
2 - They charge £30 admin to move the money via a solicitor.
3 - The Solicitor charges £400 to redo the search's etc

All up £630 to have a name removed. I couldn't believe it. Can anyone suggest something here that makes this simpler and cheaper?!!

Is my idea mentioned at the start simpler and more cost effective? I.e
1 - Getting a solo application agreed, then using the money to cancel out the previous joint mortgage and avoiding the "porting"

I'd really like to hear from anyone that knows how to help with this.....

Kind regards

alldalights :money:

silvercar

3 - I'd have a new solo mortgage with my Mum off the document (although she obviously still keeps her 25% equity stake in the property

I don't know that you can keep your Mum's name on the property deeds if you take her off the mortgage as they normally have to match.

Transfer of equity is when the equity and the mortgage are moved into (in this case) your name.