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Hello, I need some advice about possibly changing my mortgage
OK let me set the scene. On paper I own a house with my brother. He went off the rails spectacularly in 2011 and there is a notification on the deeds to the house as he ran up debt that I refused to pay.
I have been paying the mortgage alone since. My brother left and lives in a mobile home. I am stuck on Santanders SVR and cannot move as my brother would not sign anything allowing me to move to another rate or lender. I have no problem paying and have never missed a payment in 12 years. On paper I don't earn anything like enough to be considered by another provider and I was resigned to staying on the SVR.
I expect to be able to pay off the mortgage in full in a few years time.
Today, I received a letter telling me I can move to a new rate called a follow on rate (FOR). At the moment this is 1% lower than the SVR,
My question is does anyone have any idea what would be involved in switching? Would there need to be a proof of earnings from both of us, If I were to explain the above would they be happy to deal with just me, given I've paid it alone for several years.
My mother has agreed to get my brother to sign stuff but he is self employed and I doubt can prove any earnings.
Thanks for any help.
Private email sent
ring your mortgage provider and ask. I work in the lending department of a bank and if you have been paying the same payment for 12 months we will let you continue to pay that much (or less) without having to worry about what your income is. Same payment & lower rate = shorter term.
genesiscore502011 has very kindly given me some very useful advice about this issue.
STW is awesome at times.
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