Switching Mortgage

[dodo]

I am looking to switch tracker 0.5% mortgage of 62K, rate now 5% (not great amount for a bank to be interested in) currently with Pepper with myself and ex on the deeds & mortgage, I am getting deeds via financial agreement put into my name only and Pepper do not allow for someone to be removed from the mortgage so they said I must switch to new lender, ex wants to be off the mortgage of course as part of agreement.

Are Pepper finance correct in stating they cannot remove a name from mortgage? My salary is well above what is needed. Just don't trust Pepper to be honest.

If I do switch what would the legal cost be?

thanks

 

[peemac]

0.5% tracker is great.

They are correct that you cannot simply remove someone from a mortgage.

I can see very few banks being interested in 62k mortgage, but you may actually get a better response from a credit union (many do mortgages now).

But the best value might be a home improvement loan from Avant (6.9%) as there would be no legal fees and the flexibility of paying down early. Use the loan to pay off the mortgage and become mortgage free.

Whilst the 6.9% rate is higher, the legal fee savings would mean the overall cost is probably not much more than a mortgage rate.