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4.97 out of 5 based on 2,400+ reviews
Rated 4.97 out of 5 from 2,400+ reviews
However, if one party wishes to remain in the property then he or she will need to reapply for a new mortgage and this can be potentially challenging. Moving the mortgage into one person’s name will require the occupier to buy out the other person’s share, including their share of the equity.
Whether or not that person is then allowed to transfer the mortgage solely into their name would be at the discretion of the individual lender. The final option is that you continue to pay your mortgage as normal which can often be the most appealing choice; especially if you are on good terms or the mortgage is fixed and has a short term left to run.
The right solution for you will always depend on your circumstances, therefore, whatever option you are considering, you should always seek independent advice to help you through the process.
Disclaimer: The views and opinions expressed in this content are those of the author and do not constitute financial, legal, or professional advice, nor should they be interpreted as a recommendation. They do not necessarily reflect the official views, policies, or positions of Private Finance, and are not intended to represent broader market or industry perspectives.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Whatever your situation, our mortgage team can advise on suitable solutions. We specialise in complex and bespoke mortgage solutions to help you find competitive terms.
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