change of borrower advice

angeldelight1

Hi all
I'm currently having a few issues with santander :mad: ..
I am trying to arrange a change of borrower on my mortgage..basically I want to change the borrower into my partners name (who is currently paying half the mortgage anyway)..however santander are telling me I can't do this - they are saying I need to sell the property to him which means I will incur a £4000 early repayment fee...

So basically I want to know what a change of borrower actually means then?? Any help anyone can give me would be appreciated thanks!!

Thrugelmir

angeldelight1 wrote: »

So basically I want to know what a change of borrower actually means then?? Any help anyone can give me would be appreciated thanks!!

Adding another party to the mortgage is in effect a new application. There is no such thing as a change of borrower.

If you wish to break your existing contract terms to add your partner. Then the ERC will be payable.

So wait until the fixed product term has ended before doing so.

angeldelight1

Hi
Thanks for this..however, please see page 2 of the following PDF(near the bottom - change of borrower - £140 fee)

abbeyforintermediaries.com/library/lib_33.pdf

(I couldn't post as a link so you'll need to put www first)

can you shed any light on what this means then?

Also if I was to add another name on to my mortgage and then take mine off after X long would this be allowed?

Cheers

DVardysShadow

angeldelight1 wrote: »

Hi
Thanks for this..however, please see page 2 of the following PDF(near the bottom - change of borrower - £140 fee)

abbeyforintermediaries.com/library/lib_33.pdf

(I couldn't post as a link so you'll need to put www first)

can you shed any light on what this means then?

Also if I was to add another name on to my mortgage and then take mine off after X long would this be allowed?

Cheers

Ahh! When they say 'change of borrower', they mean add or take away. You mean 'substitute an entirely different borrower'. If that is what you want to do, then it is effectively a sale and the new borrower needs to start from scratch. Theoretically, you could do it with adding a new borrower for £140 and later taking away the original borrower for another £140, but you would be in uncharted territory, where you are more likely to be able to do it the longer the gap between the 2 changes. I would say it would need 3 to 5 years to have a fair chance of it working.

CLAPTON

why do you want to do this?

angeldelight1

My partner and I bought the house together and pay for it equally - however everything (the deads and mortgage) were registered in my name..we are now separating and he is going to keep the house therefore it all needs to be transferred into his name which I want to do without paying the £4K early repayment charge (which I'll have to do if he buys it from me and essentially takes out a new mortgage so he can pay me off)
any advice on how I can get round this?

hcb42

you can't, you are selling the house so breaking the fixed term.

You might be able to port to a new application if you were buying.