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Can You Transfer Your Mortgage To Someone Else?

MORTGAGES | 11.05.2018

If your circumstances have changed since purchasing your home, you may need to transfer the mortgage from one person to another. But how easy is this to do? Let’s look at just a few of your options…

If your circumstances have changed since purchasing your home, you may need to transfer the mortgage from one person to another. But how easy is this to do? Let’s look at just a few of your options...

Transferring the mortgage to someone else

Whether you wish to transfer ownership of your property to your partner, child, grandchild or sibling, you’ll essentially have to remortgage the property. After all, the lender will wish to assess the financial circumstances of the person taking on the debt in order to ensure they can make the repayments.

Adding someone else to your mortgage

If you want to retain ownership of the property while also adding another person’s name onto it, this can often be relatively straightforward. The lender will look at the combined income of both yourself and the person you’re wishing to add to the mortgage. In most cases, if your joint income is equal to or higher than it was when you first bought your property, the process should be fairly simple. However, problems could arise for those who obtained their mortgage before lenders tightened their criteria following the mortgage market review (MMR). Even if you’ve always made repayments on time, if your lender has to assess your finances based on stricter criteria than when you originally applied for your mortgage, problems could arise.

Removing someone‘s name from a mortgage

If you’re going through a breakup or divorce and it’s been decided that you’ll keep the home you share, you’ll probably want to remove your ex partner’s name from the mortgage. You can often do this by contacting your lender to request the change or by remortgaging to a different product. However, in some cases your lender may refuse to alter the product’s ownership. This is most likely to happen if you have a low income, poor credit, you’re newly self employed, or the remaining debt is too large for one person to take on by themselves. New lenders may also be reluctant to provide you with a new mortgage based on your financial circumstances. There can be a few ways around this. If you have a substantial amount of money in savings, it may be possible to remortgage the property and use your savings to pay off a percentage of the property’s value before borrowing a smaller amount. You may also be able to remove your ex partner’s name from the mortgage by using a guarantor. If you have a family member who is in a good position financially, they could promise to step in and make your mortgage repayments if you were to struggle. A guarantor mortgage would see them becoming legally responsible for the debt if you were unable to pay it yourself. Unfortunately, there may be cases where your only option is to sell the property and purchase a more affordable one. If you’d like help transferring the ownership of your property, please get in touch with the team at TaylorMade. We can help you determine which option is most suitable for you before highlighting the most affordable remortgage deals you’re eligible for.
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In the event that you wish to complain, you can contact us by email, telephone or letter.

Our address for this is:
Complaints Officer, TaylorMade Finance Ltd, 4 Church Road, Urmston, Manchester, M41 9BU. Our email address is info@taylormade-finance.co.uk and our telephone number is 0161 776 1089. We will then investigate the issues raised and inform you of our findings. Should you be unhappy with the resolution to your complaint you may contact the Financial Ombudsman Service, who can be contacted at the following address: Financial Ombudsman Service, Exchange Tower, London, E14 9SR.

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