Transfer of Equity Help

alicia24

Hi,

Just abit of advice please

I have a meeting with my mortgage company Halifax this week as I am looking to remove my ex partner of our joint mortgage and add my new partner onto the mortgage. In order for my ex partner to agree to this he wants me to buy him out for £7000.

I have an appointment with Halifax to see if it is possible to add 7k onto the mortgage remove my ex partner and add my new partner onto the mortgage. My worry is that i will be credit checked aswell as my partner as my partners credit score is perfect but mine is not the best.

Does anyone know if i would need to be credit checked in order to remove my ex partner from the mortgage.

Kind Regards

Goldiegirl

Yes you will be credit checked as there will be a totally new lending proposition.

i.e. instead of you and your ex, it'll be you and your new partner, plus £7000.

Even if you didn't have the further advance, you'd still be credit checked

sniperpenguin

Ive just done something similar to you but with a figure of 6500 (but didnt put the money on the mortgage). here are a few tips.

1. Get a conveyancer, they are usually much cheaper than using the banks own services (by hundreds!)

2. Try any way you can to NOT put that 7,000 on your mortgage! You amount you repay back will likely be much, MUCH higher! I spoke to my OH and offered monthly payments..... Alternative to that would be a loan or CC, as although a higher rate the payback value would be lower.

3. You will have to change the name on the land registry (conveyancer) and on the mortgage itself (Bank... be prepared for pointless "admin" fees, Nationwide wanted £150!!! :mad:).

4. Your lender will likely want proof that you can afford the mortgage on your own - so be prepared for another round of affordability checks...

alicia24

Thank-you for your advice, would they be around it if I'm rejected because of my credit file?