TRANSFER
OF EQUITY

We're here to help you understand how you can make the changes you want to your mortgage. If your circumstances should change and you would like to add or remove someone from your mortgage; talk to us about a transfer of equity. 

WHAT THIS CHANGE MEANS

By requesting a transfer of equity, you are asking to change the people who are legally responsible for the ownership of the property and paying the associated mortgage.

When you applied for your mortgage, you supplied your broker with income and expenditure information that helped us review your financial commitments to make sure the mortgage was affordable. If you choose to change those responsible for making the mortgage payments, we will need to reassess the remaining or revised borrowers, in the same way we would when you applied for the mortgage. This helps us to make sure the payments remain affordable now and in the future.

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Changing the people who are legally responsible for the ownership of the property.

WHAT YOU SHOULD DO NEXT

Before making any changes to your mortgage we would always recommend that you seek independent financial advice so you can be sure that this is the best option for your circumstances.

We do not have the relevant permissions from the Financial Conduct Authority (FCA) to give advice, so our team will not be able to help you make a decision, they will only be able to execute your instructions.

If you’ve got some questions about the application process, have a look at our frequently asked questions and see if they can help.

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We always recommend that you seek independent financial advice.

FREQUENTLY ASKED QUESTIONS

How do I apply?

We need to speak to the customer(s) that wants to remain on the mortgage account, or is choosing to add another or remove a borrower. If that’s you, please contact us. We’re available Monday to Thursday 8.30am-6.30pm and Friday 8.30am-5.30pm.


How long will it take for you to review my application and reach a final decision?

Every application has its own unique circumstances and is assessed by one of our underwriters. Once we have received your fully completed application pack, with all the supporting information, we will work hard to provide you with a final decision as quickly as possible. However, as a change to the legal title is required, the work carried out by your solicitor can also have an impact on the timescales.


What should I expect when applying?

Our team will explain the process to you and review your mortgage account and payment history. We will also ask you some questions about your current employment, other debts and credit history; if you are enquiring about adding a borrower to your mortgage, we will also need to understand their position too. Once those checks are successfully completed, we will send you the application pack.


If the initial checks are successful, what else would I need to provide when I return the application pack?

We will need to ensure the mortgage is still affordable for you on your own, or if you are choosing to add someone new, for both of you combined. To enable us to do a full assessment and affordability check, everyone wishing to be on the mortgage will need to supply the following information when returning the completed application pack:

- Proof of Income

  • If you’re employed, send your last 3 months payslips and P60
  • For those who are self-employed, send your latest SA302 and latest tax year overview (obtainable from HMRC or your accountant
  • If you’re in receipt of pensions or benefits, please send the latest Annual Statement or Award Letter

- proof of identification, such as a certified copy of your passport or driving license and

- Income and expenditure information


What else will I need to do?

You will need to instruct a solicitor to change the names on the title of your property. As with all conveyancing, your chosen solicitor will also represent our interests when completing the legal formalities. You should check your application pack to make sure that your chosen solicitor meets our minimum requirements and note that you are responsible for any costs incurred from your solicitor.


Are there any costs involved?

There is a ‘change of parties administration fee’ of £130 which is payable on return of your application pack. You should also bear in mind that you are responsible for any costs incurred from your solicitor.


How can I pay the ‘change of parties administration fee?

You can make the payment over the phone using your debit card.


Can I apply if I have a buy to let mortgage?

No. We would recommend that you seek independent financial or legal advice so you can understand the options available to you.

Please be aware mortgages are secured against your home and your home may be repossessed if you do not keep up repayments on your mortgage.