Hi, I would be very grateful for some assistance. I currently have a mortgage that is coming to an end and I want to remortgage and move to First Direct. Presently our house is worth £350,000 and we have £113,000 outstanding mortgage. I have 2 endowments maturing this year worth iro £40,000.
The issue is that the mortgage is in 3 names, my wife, mother and I. First direct will only allow 2 names to apply for the mortgage. Therefore to move to the new product I need to get my mothers name removed from the deeds/mortgage.
My mothers does not contribute anything towards the mortgage as she put in 1/3rd of her share in cash when we bought the property. She will be happy to agree to anything so long as her interests are protected (retain a 1/3rd entitlement ot he property).
Ideally what I would like is for the mortgage/deeds to show my wife and my names only (so we can move to First Direct) and another legal document that protects my mothers interests.
Is this possible? I did ring a solicitor today but they charge £180 + VAT to discuss this :sad:
I would be grateful for anyone's assistance.
The issue is that the mortgage is in 3 names, my wife, mother and I. First direct will only allow 2 names to apply for the mortgage. Therefore to move to the new product I need to get my mothers name removed from the deeds/mortgage.
My mothers does not contribute anything towards the mortgage as she put in 1/3rd of her share in cash when we bought the property. She will be happy to agree to anything so long as her interests are protected (retain a 1/3rd entitlement ot he property).
Ideally what I would like is for the mortgage/deeds to show my wife and my names only (so we can move to First Direct) and another legal document that protects my mothers interests.
Is this possible? I did ring a solicitor today but they charge £180 + VAT to discuss this :sad:
I would be grateful for anyone's assistance.