New mortgage or remortgage?

Hi,

I've recently split from my wife and will be buying the house from her. We were mortgage free but I will need to get one to buy her out. Will this be classed as a remortgage or as a new mortgage?

Is there any difference or would there be any different deals available?

Thanks in advance...

Comments

  • remortgage.

    Will be cheaper as more likely to come with free legals and cashback. Deals are sometimes cheaper as well as the lenders want to encourage you to move from your own lender
  • Thanks. Would they be happy to pay the money into my account rather than pay another lender?
  • They will pay the money to the solicitor who will then act on your instructions. If she is being removed form the deeds as a condition of the buy out then the solicitor will do them both at the same time so effectively will go Lender - Solicitor - Ex-Wife

    Probably cost you around £300 extra on legals to get them to do the deeds change. Maybe less.
  • Thanks for your help.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards