taking mortgage from joint to single owner

[allulesy]

My partner and I are splitting, and we have a joint mortgage on a home that I would like to keep. I have phoned Northern rock to find out what to do, they say all i need to do is to fill out a form change of parties and it will cost a fee of 265 gbp, but that i will need a solicitor for this form - is this so?
Concern is I will probably need a guarantor or full applicant - my parents will be my full applicant so that will be ok.
However, I need to get a loan for 6 thousand to pay my partner, and would like this included in my mortgage payments - which i believe is possible
I also have been advised that i can get a mortgage for 55 years (and will remortgage or sell house before 55 years) but for the time being would like my payments lowered as another option possibly, can this happen.
lots of questions i know but can you shed some light. i am definitely keeping the house.
thanks so much

[LostSheep]

I think it would be best if you spoke to an independent mortgage broker face to face. Another thing to consider might be to remortgage away from Northern Rock (all depends on your current deal and any penalites that you might incur though), this way the guarantor can be added and the extra finance needed to pay off your partner. There are alot of factors that could work against you (income, age, credit history) which is why I think it would be best to speak to a broker in person.
Use this site to find a local independent broker -
http://www.sesame.co.uk/consumer/ . Good luck!

[EverClean]

Please be careful taking advice from people on here who do not fully know what they are talking about. The majority of the firms that the Sesame link leads to are NOT independent. Independent means that the firms offer you a choice of paying a fee for their services and you pocketing the commission OR the firm keeps the commission and charges you no fee.

What you really should be looking for is a whole of market mortgage adviser.

LostSheep be very careful in losing others aswell - taking the wrong financial advice can cost thousands of pounds or worse cost someone their home. Please only comment on things that you truly understand.

[LostSheep]

"Independent means that the firms offer you a choice of paying a fee for their services and you pocketing the commission OR the firm keeps the commission and charges you no fee."

Interesting definition of 'independent' - How do these firms survive without commission? They don't work for free!! What is wrong with a firm taking commission from a lender and not charging someone a fee? It doesn't cost the applicant anything! Also, is a 'whole-of-market mortgage adviser' not just another independent financial adviser? Can't see a difference myself! EverClean - Please only comment on things that you truly understand!!!

[EverClean]

No, no no. Read the post before you bark up another wrong tree.

In the mortgage market "whole of market" means a broker with access to enough lenders to be a true representation of the mortgage market as a whole. Usually a minimum of 60 lenders and gives clients a TRUE choice.

"Independent" means (and forgive me if I'm repeating myself) you have a choice at the outset. You either pay the broker a fee and you keep the commission OR you pay no fee and the broker keeps the commission.

The distinction couldn't be clearer.

LostSheep - I would have taken the hint after my first post and worked out that you were in the wrong but instead you've just repeated the same mistake.

I've answered another post of yours so this isn't a personal attack on you - it concerns me that people are taking legal and financial advice from a website where people can post anything they choose when there are qualified professionals out there who will give the RIGHT advice.

You have been warned!!!!