Can I transfer my shared mortgage to my new buy?

lombrozo

I have a mortgage on a house with my brother, split 50/50. It's at a crazy low rate of 0.85 above the base rate, we've had it over 5 years now.

Anyway, we're selling up and I've had an offer accepted on a new flat. So I'd love to transfer this mortgage over if possible.

Obviously I need to take my brother off it, and I also have a chunk of cash to pay off most of it.

Is this possible?

kingstreet

You may be able to port the rate to a new mortgage with the same lender. You need to establish if the rate is portable and you have to qualify for a new mortgage, meeting the lender's criteria and valuation requirements as you can't transfer a mortgage from one property to another. You have to apply for a new mortgage like any other borrower, porting the rate to it if it's granted.