Transfer of equity help

crazycatlady92

hi, I've posted a couple of times on here for advice but don't seem to be getting an answer that I'm looking for!

I'm about to attempt to apply for a transfer of equity (taking my ex off our joint mortgage, which he has approved)

My question is this: I am looking at the possibility of adding my partner onto the mortgage at the same time as removing my ex, is this a possibility? If so, has anyone been through the same thing or just a standard transfer of equity?

Just need a little bit of advice really. We've had the mortgage for 4 years but for the last 2 -/2 Ive lived here with my current partner. We want to move house in the next couple of years but would like both our names on this house first.

Taking my ex off should be straight forward, he wants his name off asap as he is looking at applying for his own mortgage.

Anyone had experience of transferring equity in the past. The mortgage is with the Halifax and there will be no money paid to my ex (he just wants a clean break, plus hasn't paid a penny for the past 2 1/2 years!)
Please help 😄

Goldiegirl

I worked for the Halifax for many years until 2010, and in my final years there, my main area of expertise was Transfer of Equity.

Over the years, we did see Transfers like you describe - removing one borrower and adding another at the same time, as part of the same transaction.

You and your new partner would be jointly accessed on your incomes to confirm that the mortgage is affordable. In addition you new partner would be treated as a new applicant, and would need to provide ID, proof of address, etc.

Of course, things could have changed in the last 5 years - but what you want to do was certainly possible in my time there.

Make an appointment with them, and tell them what you want to do - then you'll get the definitive answer.

crazycatlady92

Goldiegirl wrote: »

I worked for the Halifax for many years until 2010, and in my final years there, my main area of expertise was Transfer of Equity.

Over the years, we did see Transfers like you describe - removing one borrower and adding another at the same time, as part of the same transaction.

You and your new partner would be jointly accessed on your incomes to confirm that the mortgage is affordable. In addition you new partner would be treated as a new applicant, and would need to provide ID, proof of address, etc.

Of course, things could have changed in the last 5 years - but what you want to do was certainly possible in my time there.

Make an appointment with them, and tell them what you want to do - then you'll get the definitive answer.

That's very helpful thank you

We are going to the bank together this week to weigh up our options. My partner has an excellent credit score, mine is around 850 which if 'fair' do you think this may hinder the transfer?