Can you transfer your Mortgage?

Steph_M_2

Hi,

It is my first time posting on this forum and I am looking for advice.

I have a one bedroom flat and is looking to move in the next 6months due to having a toddler and staying in the one bedroom is not suitable. At the moment I cannot afford the costs of moving ie Home reports, agents fees etc.

My brother is interested in buying the flat as a first time buyer. Is it possible to transfer my mortgage to him to save me putting it on the market. I am not sure if this can be done. Any advice would be appreciated.

Thrugelmir

Your brother will need to apply for a mortgage in his own right and purchase the property from you. A mortgage is really just another name for a loan like any other. The term mortgage relates to the legal charge placed on the property to secure the debt.

Yorkie1

Yes, you can sell privately i.e. without putting the property on the market.

As Thrugelmir says, you just agree a price with your brother and he applies for his own mortgage in the usual way. You then repay your mortgage when the sale goes through, from the money you receive.

NB. I suspect this isn't an issue as you want to move out because of lack of space, but just to point out that you won't be able to stay in the flat after he buys it, unless the lender knows you are staying in the flat after completion.