Transfer Of Equity Advice

walshy85

Hi

Im currently listed on a mortgage with my mother and now want to come off it and buy my own property with my partner. At the time when the mortgage was took out i was advised to go on it to help my credit score in the future and also to help my mother out with the affordability checks. Now ive been told the best way to come of it would be to do a transfer of equity so everything stays the same just my name comes off it. I have never made a payment for the mortgage everything has been paid for by my mother. The mortgage is just a interest only payment one and is with The Mortgage Express. Im concerned that even though she has paid for everything from day 1 that theyll turn around and say no i she doesnt meet there affordability standards. If that is the case is that something that can be appealed or are there any further options to explore as i really dont want this affecting any mortgage i can get with my partner.

Thanks for reading and any help appreciated.

kingstreet

For you to be removed, she will have to demonstrate she can afford to pay the mortgage alone for the time it has left to run.

The other options are;-

remortgage to a new lender in her sole name, again subject to affordability

sell the property and repay the mortgage.

You weren't well-advised to enter into this arrangement. A credit card paid off in full each month is the usual way to build up a positive credit profile.