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.
You can speak to us about a transfer of equity for the following circumstances:
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 or the dissolution of a civil partnership, you have a number of options you may want to discuss with your partner, as well as your respective legal advisers.
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 history.
Speak to one of our friendly mortgage advisors about your options.
9am - 5pm: Mon to Fri
9am - 1pm: Sat
If you’re an existing customer moving home and you want to transfer your mortgage deal, our Moving Home guide will tell you all you need to know.
We’re here to help when you lose a loved one.
Find out how a solicitor or licenced conveyancer can help you with making changes to your mortgages.