Remortgage

[helloBuddy]

Can anyone explain the remortgage process to me. The mortgage is due to end soon, what do we do?

It's only my partners name on the mortgage and we want my name on it also, this is not a biggie if it's easier not to.

Any info appreciated.

Hi I am a financial adviser so can explain the process.

If you want to add your name to the deeds you will be looking at a full remortgage. Assuming you go through a local mortgage adviser it will be a 60 minute appointment to go through yours and your partners finances, they will likely want 3 months bank statements and 3 months payslips. They will go through your expenditure on a monthly basis or ask you to do it in your own time and forward it on to them.

In 99.9% of situations both of you should be on the mortgage and deeds for the simple reason of if one person dies they other will need to get a mortgage to repay the existing mortgage. Plus added security.

Well you can contact your current mortgage provider to see what deals they are prepared to offer you or you can take your mortgage elsewhere. We are just in the process of remortgaging and we always use an independent broker as they tend to find us great deals. Make sure you get started in good time as it can take 4-6 weeks and you don't want to end up paying a higher rate when your current mortgage ends until your new one is sorted. We just filled in paperwork detailing our monthly expenses, sent 3 months of bank statements and payslips and proof of address etc. The mortgage company sent a valuer (we needed this as we had done work) and this was free. The mortgage company's conveyancer sorted all the legal stuff.

Thanks for the information.

The reason it might be difficult to get me on the mortgage now is that I'm currently on Maternity pay and won't be back at work until Jan do my income is very low.

Do you need to pay a fee to remortgage?

The fee is dependent on the lender.

For a remortgage to put you on the deeds you would be looking at around £350 for the solicitor, £300 for the adviser, small amount to have you added to the deeds.

A good broker would take the fees into account when considering the mortgage offer, there may be some available with cashback and free legals.

Depending what area you are in I may be able to recommend someone.

If you are on maternity leave that will not make much difference, you would have to be declared as living in the property anyway.

Thanks, I'm already declared as living in the property.

I'm in Lancashire.

Ok I don't have any immediate contacts that spring to mind for Lancashire try this website to search for a mortgage broker

www.unbiased.co.uk/

Do you mean the mortgage will be paid off in full soon but you want your name on the deeds?

I wouldn't be remortgaging if the house is paid for.

No it's not paid off, I wish. It's coming up to the end of the first fixed term deal and I wasn't sure what you do when that happens.

Your partner should take advice before putting you as an owner, including working out how the property will be held etc.

Advice for what? And what do you mean how the property is held?

Hi Hellobuddy
Being on Maternity pay needn't be a show stopper as different lenders have differing requirements eg varies from attitude to be able to use full pre-maternity pay for affordability, to nil. Plus some lenders will take into account Child Benefit & Tax credits, some wont use these!

Make sure you are on the deeds particularly as you arent married and pregnant. Seek legal advice.

Thanks, we're getting married next year.

Congratulations x