Morgage - transfer of one name on a joint account

pinkflyer

Happy New Year everyone!

Hi there, I currently have a HSBC joint morgage with my girlfriend. Does anyone know if it is possible to transfer my half of the morgage into my fathers/mothers name?



Olly

CloudCuckooLand

If their individual income supports your half of the mortgage amount, if they have no credit history issues, if they have no existing mortgage, and if they are of an age that will not take them into retirement to complete the mortgage term, then maybe - subject to your Lender effectively performing a mortgage application, and perhaps a £200ish fee.

CLAPTON

why?......................

pinkflyer

They would already be retired, is that a problem?

I want to transfer this morgage into his name and buy another property fully under my own name.

crabbman2004_2

Based on what you have said, in a word no.

To do this HSBC would require a new application to be processed with your parents name on it and if they are already retired this new application with undoubtedly get declined.

CLAPTON

The house would have to be remortgaged in three names (OH, and your parents) and the house would have to be registered in their joints names too.
You would no longer have an legal entitlement to the house.

Stamp duty would have to be paid as you are transferring ownership (depending upon the value of course)

If your OH has sufficient earnings to satisfy the mortgage company then I see no reason why they wouldn't let you do this.

Assuming the parents aren't actually going to live there when you sell the house then CGT will be payable on your parent's share (I'm assuming your OH will actually live there)

It's not clear what you are trying to achieve here... there may be better ways of skinning this rabbit.

Conrad

Wont work with HSBC, for a start they wont be living in the home.

There are are possible solutions but they are pretty involved.