Sharing a mortgage
Discussion
Looking for a bit of advice. I have rented for 15 years so not clued up with mortgages.
I have a house in my name, i have about 20,000 equity in the house. I have started dating my partner about a year ago so the mortgage is in my name. Its up for remortgage in september and ive been offered a good 3 year deal with low interest rates which i want to switch to. However we were talking about her making a lump sum payment in about a years time so we can have an equal share and both have equity in the house.
Would this be possible if i fix the deal in my name? Or would i have to wait til the end of the 3 years, would she be able to make a lump sum payment like that?
Is anyone else with a partner and just has the mortgage in thier name for financial reasons?
I have a house in my name, i have about 20,000 equity in the house. I have started dating my partner about a year ago so the mortgage is in my name. Its up for remortgage in september and ive been offered a good 3 year deal with low interest rates which i want to switch to. However we were talking about her making a lump sum payment in about a years time so we can have an equal share and both have equity in the house.
Would this be possible if i fix the deal in my name? Or would i have to wait til the end of the 3 years, would she be able to make a lump sum payment like that?
Is anyone else with a partner and just has the mortgage in thier name for financial reasons?
Edited by dieseluser07 on Wednesday 3rd June 09:12
Edited by dieseluser07 on Wednesday 3rd June 09:16
When I met my girlfriend I owned a flat, when she eventually moved in with me I kept the mortgage etc in my name, but she saved up so that when we bought somewhere bigger together we could both go on the mortgage.
With regards to would you be able to update the new mortgage before it ends my initial guess would be no (fixed deals usually mean you have an overpayment clause too), but you really need to speak to your mortgage broker or an IFA etc.
With regards to would you be able to update the new mortgage before it ends my initial guess would be no (fixed deals usually mean you have an overpayment clause too), but you really need to speak to your mortgage broker or an IFA etc.
So you have £20K equity. Let's say the property is worth £100K. That's 20%.
So in a years time Partner decides to buy in at 20%. Property is now worth £115K. That means Partner needs £23K.
Find a mortgage that will allow overpayments without penalty, this will be difficult as most restrict you to 10% overpayment pa.
So in a years time Partner decides to buy in at 20%. Property is now worth £115K. That means Partner needs £23K.
Find a mortgage that will allow overpayments without penalty, this will be difficult as most restrict you to 10% overpayment pa.
Sir Bagalot said:
So you have £20K equity. Let's say the property is worth £100K. That's 20%.
So in a years time Partner decides to buy in at 20%. Property is now worth £115K. That means Partner needs £23K.
Find a mortgage that will allow overpayments without penalty, this will be difficult as most restrict you to 10% overpayment pa.
I wonder if it would be easier keeping it in my name then, this sounds like a lot more hassleSo in a years time Partner decides to buy in at 20%. Property is now worth £115K. That means Partner needs £23K.
Find a mortgage that will allow overpayments without penalty, this will be difficult as most restrict you to 10% overpayment pa.
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