remortgage with different names

[22601]

Hi all, im going to be remortgaging in janurary when my current deal runs out but i am about to buy out my other person who owns half of the house with me and me and my girlfriend are going to live here but will i be able to remortgage with her instead of the other person who owns half of the house at the moment?also she is a first time buyer so would it be like taking out a mortgage for the first time again as there are better rates for first time buyers??

 

Thanks J

[Guest Old_andrew2018]

bump

[debt4get]

dont know much about it, but would think that you would be able to remortgage with her, whether they will then class you both as first time buyers only asking them that question i would think would get you the answer you are looking for. good luck

[Cobra29]

I dont think this would be classed as a remortgage as the names on the mortgage/ title deeds will change and the size of the mortgage will change. If you've seen a good mortgage deal for first time buyers which you cant find elsewhere for any new customer ( which I doubt really is the case if you do some homework) you could put your girlfriend down as the main applicant in which case she would qualify as a first time buyer I believe. However, check how this would effect the income multipliers for determining how much you can borrow.

[smactaff55]

Hi 22601

Ex-Self employed Mortgage Broker here.

I do not know your personal circumstances ie income, expenditure etc but IMO you would be best consulting an independent mortgage broker who can source the whole of market for advice. It can be a complicated situation. You would be classed as a remortgage with your girlfriend but would not get First Time Buyer rates as you cannot remortgage a First Time Buyer. This scenario would only come into play if you were moving property and applying for a new purchase mortgage with your girlfriend. It might be an idea to deal with your existing lender to transfer the existing mortgage into your sole name and initially borrow the money from them to buy your ex out staying in your current rate until the end of Jan, transfer to their then Base Rate with no penalties for redemption. Then remortgage with girlfriend. Of course, this course of action depends on your existing lender being happy that you can afford the new debt and the Loan to Value is within their limits. This also applies to remortgaging as to rates etc you can get.

There is also the consideration of costs to be taken into account.

Again, as I stated, IMO you need to seek independent advice.

The majority of brokers do not charge for initial visits but should still advise you of what, if any, charges will be made if you proceed with them. They are strictly regulated by the FSA ( Financial Services Authority ) and have strict codes of conduct to adhere to not least Treating Customers Fairly!!

You can go onto any Lenders websites to check the approx maximum loan they would consider for you & your girlfriend by linking to their Affordability Calculator. You can also see what rates are on offer.

Hope above has been helpful.

 

ABOVE INFORMATION SHOULD NOT BE SEEN AS ANY ADVICE OR RECOMMENDATION AND IS ONLY MY PERSONAL OPINION

Edited November 25, 2009 by smactaff55