Can I change the names on the mortgage without changing products?

mintymoneysaver

My husband and I have a tracker mortgage on a fantastic rate which I do not want to change. However we are seperating and I am staying in the house. I can quite comfortably pay the mortgage myself ( Owing £37,000, salary £24,000) but would I just be able to change the name or will I have to change the whole product? We are very amicable and at the moment he will quite happily keep his name on it if that is going to be the case.

kingstreet

The party to remain in the mortgage should approach the lender for a transfer of equity.

If the borrower's income is sufficient to maintain affordability, the lender should permit the change. There will be no change to the mortgage terms.

At that point, the matter will be passed to a solicitor for the transfer of equity to be completed. Once both parties have given their agreement, the leaving borrower is removed from the mortgage and the deeds to the property so they have no further interest in it.

A transfer of equity typically costs between £400 and £600.

mintymoneysaver

Thankyou. Better start saving for my £4-£600 then!