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    • Ross95
    • By Ross95 7th Sep 17, 11:55 AM
    • 10Posts
    • 0Thanks
    Mortgage term reduction
    • #1
    • 7th Sep 17, 11:55 AM
    Mortgage term reduction 7th Sep 17 at 11:55 AM

    My current fixed deal is coming to an end and I will be able to sort out a new rate.
    Currently the mortgage is in my name and only I pay the mortgage.
    However on the new deal my other half will be going on to the deeds and paying half the new mortgage.

    I will have 72000 left to pay, property worth 150000 and the current term is 20yrs.
    What are the chances of cutting the term in half to 10 yrs now my partner will be contributing more on top of what I was paying?
    What do lenders look at when asked about term reductions?
Page 1
    • kingstreet
    • By kingstreet 7th Sep 17, 12:05 PM
    • 33,682 Posts
    • 18,267 Thanks
    • #2
    • 7th Sep 17, 12:05 PM
    • #2
    • 7th Sep 17, 12:05 PM
    Effectively, a transfer of equity is going to involve pretty much a new mortgage application with affordability and status checks on the person joining the mortgage and ownership.

    Affordability will determine the term options. Use the lender's online affordability calculator to establish your options.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • AnotherJoe
    • By AnotherJoe 7th Sep 17, 3:33 PM
    • 9,826 Posts
    • 10,972 Thanks
    • #3
    • 7th Sep 17, 3:33 PM
    • #3
    • 7th Sep 17, 3:33 PM
    If the deal allows overpayments thats a more flexible way of getting a term reduction without being committed.
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