You can speak to us about a transfer of equity for the following circumstances:
You should obtain legal advice if you need to make a change to your mortgage due to one of these circumstances. And of course transferring a mortgage will also involve transferring the property ownership as well. Our conveyancing service allows you to search for a solicitor to help you with with the legal side of things.
If you want to transfer the property ownership and mortgage into your sole name due to any of the circumstances above, you will need to be able to prove to us that you can afford to pay the mortgage on your own.
If you take out a joint mortgage with another person you are both equally liable for the repayment of the mortgage loan. In the case of divorce, you have a number of options you may want to discuss with your partner, including transfer of equity:
It’s important to note, that whilst you are in the process of making any decision, you need to ensure that the mortgage is still being paid. Any missed payments may affect your and your partner’s credit reference file.
As our circumstances change we may find that we need to apply for a joint mortgage or to make changes to an existing joint mortgage. Transfer of Equity refers to making a change to the names on a mortgage either to add or remove someone on the mortgage. It doesn’t usually include any additional borrowing or other changes to the mortgage terms.
In some instances this is necessary due to divorce, separation or if there has been bereavement in the family. Or you might decide to add someone to your mortgage if you get married or want to live together.
Speak to one of our friendly mortgage advisers about your options.