Updated: Nov 13
The short answer to the question is yes, you can transfer a mortgage to another person and there are several ways of doing this. We will however focus on the most common method known as ‘Transfer of Equity’. It is important to always seek legal advice to ensure you are doing what is right for you. We will however be on hand to offer you full guidance and support in relation to your mortgage requirements.
Transfer of Equity
This is where you transfer the ownership of your property to another individual. This could be following separation/divorce or maybe a bereavement. Or it could simply be that you are looking to add a partner or friend to your existing mortgage. You may have also inherited a property and wish to add your partner to the title.
Can a joint mortgage be transferred to one person?
The short answer is yes – a joint mortgage can be transferred to one person, providing your lender agrees to it. This is known as a transfer of equity and is a fairly common occurrence.
Can you buy a partner or spouse out of a joint mortgage?
Again, the short answer is yes – you can buy a partner or spouse out of a joint mortgage providing they and your lender agree to it. This is done by transferring their share of the mortgage to you and then they are released from any legal obligations associated with the mortgage. This may occur, for example, if a married couple with a joint mortgage are divorcing and one partner wants to have complete ownership of their mortgage and property.
How to transfer your mortgage to your spouse or civil partner
Individuals can be added or removed from a mortgage and this is known as a ‘Transfer of Equity.’ This could be necessary following a separation or divorce or when you are simply looking to add someone else to your existing mortgage.
If you wish to remove yourself or another party from your mortgage you would need to seek approval from your current lender. Another option would be to re-mortgage to a different lender. Either way, you or your partner would need to meet the lender’s criteria and affordability assessment.
You will also need to engage with a solicitor to handle the legal side of things.
Can I transfer my mortgage to a friend or family member?
If you want to transfer your mortgage to a family member, the process is slightly different as you would effectively be selling your property to them and they would therefore need to apply for a mortgage in their own name.
Why you should contact a mortgage broker before attempting to transfer a mortgage
Transferring your mortgage can be a complicated process, especially if you are unsure of the rules and regulations surrounding it. A mortgage agreement can contain a significant amount of legal jargon which can be difficult for people to decipher and understand. Even if your lender allows you to take care of this process yourself, there is still a lot of value in using a mortgage broker.
Here are some of the main reasons why you should use a broker, such as Beechwood, when transferring a mortgage:
Doing things the right way
An experienced mortgage broker will be able to advise you on the right method of transferring your mortgage and ensure you reach the right outcome for you. A broker can also put you in touch with legal professionals who will be able to advise on areas such as your stamp duty obligations. A reputable broker will ensure that no one is trying to take advantage of you financially and that a mortgage transfer is the best option for you personally.
Take the stress away at a difficult time
If you need to transfer a mortgage, this could be coinciding with a difficult period in your life such as a bereavement or a divorce. At Beechwood, we understand this, and our staff will deal with your case professionally and sympathetically, leaving you with one less thing to worry about. We can handle all the small details of a mortgage transfer for you, ensuring you have the time and energy to focus on your day-to-day life.
Get the most suitable mortgage deal possible
With access to the best possible products from a wide range of lenders, a mortgage broker will scour the market to get you the most suitable deal on your new mortgage product. This will ensure you receive a mortgage deal best suited for your needs and aren’t left in a financially unstable position due to a mortgage transfer. A mortgage broker will also be able to streamline the process of transferring a mortgage, ensuring that the process is completed as quickly and efficiently as possible.
Here at Beechwood, we have been offering customers expert mortgage transfer advice since 2001. We offer a friendly, personal service, which is delivered by one single point of contact. If you require further information about the range of services we can offer or would like one of the above transfer processes to be explained in more detail, please contact our professional and experienced team today for a free, no-obligation consultation. Our team will be happy to answer any questions or queries you may have.