George Best

If two people own a property with a joint mortgage and they have decided that one of them is going to get a mortgage on their own for the property to buy the property thereselves and the other one out.
Would this be a remortgage or a new mortgage?

Thanks

4X4BOB

Speak to the lender, they have different rules so it will be dependant upon the lender you are using.
Some people have had it transferred to the single name, others have to re-apply. Only way you'll know for certain is to go and see you mortgage company.

Bob (hubby of a banker)

Vipa

Hi George

It will be classed as a re-mortgage (with change in title) as a mortgage already exists on the property. The change in title bit will cost you £2-250 on top of your normal legal bill. If you go for a deal with free legals you will still have to pay the extra.

It would only be considered a new mortgage if a) you were moving/buying a different property or b) the property was unencumbered (i.e. you owned it outright with no mortgage, also in this instance some lenders would then class it as a new mortgage.)

Let me know if I can be of any help.

Cheers

Paul Hennessey
Mortgage Consultant
PH Financial