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Mortgage advice needed please

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  • Mortgage advice needed please

    Hi all,

    My new partner and I have seen a house we'd like to purchase.The idea is my partner would sell her house and buy this one.Reason being I am recently seperated and am currently still paying the mortgage on the family home.

    My partner has a large cash sum of around 30k that she put down as a deposit on her current home and this would swap over if she bought our new home.

    My question is,if in the future,say 2 years,when my family home would potentially be sold and we can then get a joint mortgage,could we get a new mortgage for the value of the house freeing up the lump sum?

    Hope that makes sense and any advice would be gratefully received.

    Thanks

  • #2
    The short answer is potentially yes. However, the real answer is: it depends.

    If you now buy a property in your partner's name using £30k deposit, but then at some point in the future you'd like to get onto the mortgage and the title deed with her, then that's possible. It's called transfer of equity and you'd potentially be liable to paying stamp duty, as you're technically purchasing an interest in a property. Your solicitor at the time will be able to advise you regarding the exact paperwork and stamp duty requirements.

    If the property value drops in the meantime, it'll be unlikely that you can release money during the remortgage. However, if the property value increases, then you'll be in a better position and subject to T&Cs, you can potentially release funds as part of the remortgage process. Alas, not up to 100% of the property value.

    p.s. I realise that the question is nearly a year old, but there may still be people with similar situation and question.
    We are whole of market independent mortgage brokers. We advise on mortgages UK wide including London, South East and as far afield as Scotland and Wales.
    I am a Mortgage Advisor
    For further information and for tailored advice:
    [email protected]

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