Hi,
The advice needed is whether we add our two adult children to the mortgage and deeds on the family home so we can refinance and extend the term to 30 years whilst fix interest for 2 or 3 years.
We are sole traders and COVID saw our 19/20 tax year reduce over 100%, the current year is fine, but as refinance is based over the two year period, we will not be accepted.
The bank manager said adding the kids was fine and this would make it all work.
My question is this,
If we add the two kids to the mortgage and deeds, then in two years after out fixed term expires, we refinance again as our incomes will be consistent, can we then remove the two kids from the mortgage and deeds.
Basically, they are the means to an ends for now so we reduce monthly payments.
Can this be done and at what cost and/or penalties.
Other option, just fix our rate for 3 or 3 years and charge our lovely adult kids board Haha.
The advice needed is whether we add our two adult children to the mortgage and deeds on the family home so we can refinance and extend the term to 30 years whilst fix interest for 2 or 3 years.
We are sole traders and COVID saw our 19/20 tax year reduce over 100%, the current year is fine, but as refinance is based over the two year period, we will not be accepted.
The bank manager said adding the kids was fine and this would make it all work.
My question is this,
If we add the two kids to the mortgage and deeds, then in two years after out fixed term expires, we refinance again as our incomes will be consistent, can we then remove the two kids from the mortgage and deeds.
Basically, they are the means to an ends for now so we reduce monthly payments.
Can this be done and at what cost and/or penalties.
Other option, just fix our rate for 3 or 3 years and charge our lovely adult kids board Haha.