When does a change to borrowers apply?
As your circumstances change you may find that you need to apply for a mortgage to become a joint one or to make changes to an existing joint mortgage. This is called a Transfer of equity and refers to making a change to a mortgage, either to add a new name or remove someone already named on the mortgage - or even both. It doesn’t usually include any changes to the mortgage terms.
In some circumstances 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 alongside adding them to the title deeds if you get married or want to live together.
When does a transfer of equity apply?
You can speak to us about a transfer of equity for the following circumstances:
- If you get married and want to transfer a sole mortgage into joint names; usually you would be putting the property deeds into joint names at the same time.
- If you get divorced or separate from your partner and want to transfer a joint mortgage into one of your names - usually as part of changing the deeds from joint to sole names.
- Removing one of the joint mortgage holders and adding someone else.
- Removing one of the joint mortgage holders if they have passed away.
- Where a mortgage is in a sole name and the borrower passes away.
