How complicated is moving to Avant when sole mortgage holder is job sharing?

[evil_g]

Hi,

My wife took out a mortgage with KBC in 2011. We're married since 2017 and have been paying the mortgage out of a joint account since then, but the mortgage is still only under her name.

She is job sharing at the moment, so her gross income is only circa 30k p/a. However, our combined income is well over 100k.

There's 100k outstanding on the mortgage and we'd like to move to Avant, for obvious reasons.

Is there any chance they would allow us simply transfer the mortgage under her name?

Or would we have to add my name to it, to meet income requirements? If the latter is the case does anyone know how much more complicated the process would be?

 

[time to plan]

Hi,

My wife took out a mortgage with KBC in 2011. We're married since 2017 and have been paying the mortgage out of a joint account since then, but the mortgage is still only under her name.

She is job sharing at the moment, so her gross income is only circa 30k p/a. However, our combined income is well over 100k.

There's 100k outstanding on the mortgage and we'd like to move to Avant, for obvious reasons.

Is there any chance they would allow us simply transfer the mortgage under her name?

Or would we have to add my name to it, to meet income requirements? If the latter is the case does anyone know how much more complicated the process would be?

Avant only take applications via a broker so you're best to find a good and ask them.

 

[evil_g]

Avant only take applications via a broker so you're best to find a good and ask them.

Thanks. Yeah, I know they only deal with brokers, but I was just wondering if anyone had any insight into our circumstances.

I'd be surprised if a broker will answer any questions over the phone, and we've small kids so I'd like to do everything needed in one meeting if possible.

I'm just wondering do our circumstances make the whole thing a lot more complicated?

 

[Monbretia]

Apart from the income side at all chances are any new lender will want it to be a joint mortgage as you are married, very difficult get a sole mortgage on family home when married.

 

[evil_g]

Apart from the income side at all chances are any new lender will want it to be a joint mortgage as you are married, very difficult get a sole mortgage on family home when married.

Thanks. That'd be fair enough.

But could / should we add my name to it with KBC, before then transferring to Avant? Or would Avant be happy enough to treat us jointly even when transferring a mortgage that's currently under only one name.

Will we need a solicitor in all circumstances?

 

[time to plan]

Thanks. Yeah, I know they only deal with brokers, but I was just wondering if anyone had any insight into our circumstances.

I'd be surprised if a broker will answer any questions over the phone, and we've small kids so I'd like to do everything needed in one meeting if possible.

I'm just wondering do our circumstances make the whole thing a lot more complicated?

We are going through an application for Avant mortgage with a broker and will not meet them face to face. I don't know if they're even in the office with Covid. They absolutely discuss over the phone and by email. One of their jobs and skills is to help you navigate complex applications. Our application is not that simple: I am a proprietary director and my wife is part-time sole trader and part-time fixed term contract PAYE. But the broker is helping us with this all.

 

[evil_g]

We are going through an application for Avant mortgage with a broker and will not meet them face to face. I don't know if they're even in the office with Covid. They absolutely discuss over the phone and by email. One of their jobs and skills is to help you navigate complex applications. Our application is not that simple: I am a proprietary director and my wife is part-time sole trader and part-time fixed term contract PAYE. But the broker is helping us with this all.

Thanks.

 

[time to plan]

Thanks.

No problem. Best of luck. If it's any help I'm using MMPI as a broker and they're good so far. I'm not sure if they're an Avant Gold Partner that would get you the cashback for KBC switchers to Avant.

I like the user name by the way. I'd completely forgotten about Evil Gerald.

 

[Monbretia]

But could / should we add my name to it with KBC, before then transferring to Avant? Or would Avant be happy enough to treat us jointly even when transferring a mortgage that's currently under only one name.

Will we need a solicitor in all circumstances?

Can't see the benefit of adding you to existing one as it's not just a case of 'switching' the existing mortgage, you will be applying for a full new mortgage with Avant as though you were buying a house so all the same paperwork again, it won't save any time or hassle adding you to the existing mortgage and just adds another layer of work. Yes you will need a solicitor.

Unless Avant have some strange rule that they won't refinance a loan that is not a mirror image of the new one, can't see it likely though!

 

[evil_g]

Can't see the benefit of adding you to existing one as it's not just a case of 'switching' the existing mortgage, you will be applying for a full new mortgage with Avant as though you were buying a house so all the same paperwork again, it won't save any time or hassle adding you to the existing mortgage and just adds another layer of work. Yes you will need a solicitor.

Unless Avant have some strange rule that they won't refinance a loan that is not a mirror image of the new one, can't see it likely though!

That's really helpful. Thanks.