Transfer of equity - help please?

ohdear66

Good afternoon!

I am after some advice from you lovely people! (Please?!)
I want to do a transfer of equity from my ex to my new partner (me staying on mortgage) but the existing mortgage is a self cert with Birmingham Midshire (who ive had no problems with in 7/8 yrs being with them). They have a process for transfer of equity but as they no longer deal with the public i have to use a broker to communicate which is frustrating. My question is does anybody know whether when doing a transfer of equity does everything on the mortgage ie. rate, self cert status, term etc stay as before and just the name changes? Also if it does stay as self cert would we actually need to prove income? I know someone will say i need to find out directly but i was interested to know if anyone knew already. : )

Many thanks in advance

pollyanna24

Not sure if it is different due to the self cert thing, but my brother bought my ex out of my house.

Everything stayed the same, except for the fact that it is now my brother's name on the deeds.

The monthly payment, the fixed period (which is ending next month like it was supposed to before my ex was bought out).

Goldiegirl

It will still be exactly the same mortgage, the only thing that will be changing is that the names on the mortgage ( and the deeds) will be you and your new partner, instead of your and your ex.

The person applying to be transferred on to the mortgage will have to go through underwriting checks to confirm his/her identity and address history, and will be credit searched.

Unless a further advance is being applied for at the same time as the Transfer, it would not be at all likely that either of you would have to confirm your income. But, I don't know BM's underwriting procedures, so there is always a chance that they may ask

ohdear66

Thankyou for your replies : )
Hopefully i will be able to get this sorted soon and I will come back and update you all on what process we went through!

ohdear66

Still waiting to hear from them. Was meant to hear Wednesday and now its Friday. Apparently before we will get a DIP we need to sign an ICI (something customer information) and see a key facts which my MA has not told us about. Shes getting annoyed with me pestering her and im annoyed with her not treating me as a priority. GGRR!

Dave_Ham

I am quite surprised on the product you are on, that they will even do this.

Good luck though

ohdear66

All approved (3 weeks ago) : ) Wahoo! Just waiting for my snail of a solicitor to finish paperwork. My solicitor said she needs to send me a mortgage report and get my ex to sign transfer which is fine but what is a mortgage report?!