If you want to add or remove someone from your mortgage, you’ll need to apply to us for a ‘transfer of equity'.
Applying for a transfer of equity
To apply for a transfer of equity, call us on 0800 121 6263.
We’ll take all the details and start the process for you.
Adding or removing someone from the mortgage
If you’re adding someone to the mortgage
We need to make sure that everyone named can afford the mortgage so we’ll go through a full mortgage application with the person/people who want to be on the mortgage. This will include an affordability check and a credit check.
If you’re removing someone from the mortgage
Can you afford the mortgage repayments? We’ll ask you about your income and other credit commitments. Unfortunately, if you don’t meet our lending criteria, we won’t be able to give our consent to the transfer of equity and everyone named on the mortgage will remain liable for the repayments.
How to complete a transfer of equity
If there’s a mortgage, remember to get permission from your mortgage provider
If your mortgage is with us, we’ll check to see that anyone who remains on the mortgage after the transfer meets our lending criteria. If they do, we’ll give written consent so the transfer can take place. We may charge a fee for the administration involved.
Appoint a solicitor to change the names on the title of your property
Your solicitor will prepare a deed, which contains the changes you want to make to the title register. Whether you’re being added, removed or you’re staying on the register you need to sign the deed, in the presence of an independent witness. You’ll have to pay legal costs and this will include a Land Registry fee.
Changes to the names on the title of your property
You may be able to remove your name from the title register yourself, but this won’t automatically remove you from the mortgage.
We need to give our consent for this to happen and we won’t remove anyone from the mortgage until we have written confirmation from your solicitor that the transfer has been legally completed.
Until we’ve agreed to the changes, everyone named on the mortgage will remain liable for the repayments.
If the transfer is part of a divorce settlement, you may need a court order before it can be finalised.
Your solicitor will be able to advise you on the process and how long it’ll take.
Costs involved in a transfer of equity
You’ll have to pay your solicitor’s costs, but these will vary depending on your circumstances. You’ll also have to pay a ‘Change of parties’ administration fee of £100. This covers our administration costs of adding or removing someone (a ‘party’) from the mortgage.
Stamp Duty Land Tax and transfer of equity
You may need to pay Stamp Duty Land Tax if you’re the owner of the property after
the transfer of equity. Your solicitor will tell you if tax is payable and will prepare a Stamp Duty Land Tax Form which you’ll need to sign. You’ll then pay the Stamp Duty Land Tax to the solicitor, who pays it to the Government for you.