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 Re-mortgage with a partner

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T O P I C    R E V I E W
Harls1 Posted - 19 April 2017 : 10:17:31
Hi
I currently have a mortgage in my own name and entered into a TD when I was single, my partner wants to move and hold a joint mortgage. He is not in a TD and this was in place before we met.

1) Is it possible to get a joint mortgage in a TD as I would not be paying anymore than I am now for the mortgage?

2) Will this effect him?

Thanks
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Harls1 Posted - 19 April 2017 : 19:34:27
For the car I went to Arnold Clark not, I might say would have been my first choice but, they were great. I was upfront about my TD and they bent over backwards to get the sale and I got the car I so needed. Yes was not the best rate but, so happy I could get another car as was getting worried that is was not going to be possible.

I will contact my mortgage lender to check the possibility of a joint mortgage and update you on their response.

Thanks for your responses.
TDA (Debt Adviser) Posted - 19 April 2017 : 17:54:54
Hi Harls1.

Switching to a new mortgage product with an existing lender often is possible - they're generally not taking on any additional risk.

It's when you're looking at a new mortgage altogether that a new lender is currently likely to consider that the perceived risks of the loan are too high.

It's interesting to hear that you were able to obtain car finance during your trust deed. This is a topical subject, with the banking regulator announcing this week that they're going to look into the consumer car credit sector which has been booming in recent times.
Harls1 Posted - 19 April 2017 : 11:25:03
As I suspected however, I did manage to re-mortgage my property to a better rate last year with the same company.
I also managed to get a newer car from Arnold Clark albeit at a higher rate than normal as mine was 13 years old after talking to my trustees.
Not all so bad I think!!
TDA (Debt Adviser) Posted - 19 April 2017 : 10:55:19
Welcome to the forum Harls1.

I'm afraid to say it's likely to be extremely difficult, probably impossible, for you to get a new mortgage in your name (or with you being one of the joint names) while you remain in a trust deed.

If you enter into any kind of joint financial arrangement with your partner a link will be created between your credit files. This will not affect your partner's credit score, but this type of financial connection may deter some lenders from offering credit to him.

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