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Want to transfer mortgage to partner's name
JayneD
Posts: 3 Newbie
I am hoping someone can offer me some advice please. I live with my partner, and we are getting married in just under 5 weeks time. The mortgage is in my name only, as I bought the flat 13 years ago, and met my partner 6 years ago. I got into a lot of debt over the years, so consequentlyhave a very bad credit rating. My partner took a bank loan out last year to pay off my debts, and iI am slowly paying him back. We would (eventually) like to move house, but our flat needs a lot of work doing - about 12k worth - to get it in tip-top condition for the market. Remortgaging would be our best route, but due to my credit rating, I would be refused. Once we are married, does my credit rating affect my partner's ability to remortgage if I transferred the mortgage into his name? Should I transfer the mortgage now, or is that pointless? We have separate bank accounts. What would a mortgage transfer cost? Any advice appreciated, thank you!
I ought to clarify some details: I no longer work due to health reasons, and have (in the past) had occasional arrears on the mortgage, but no longer. Our flat is currently worth around £105k but with all the work we want to have done, we know we could ask over £125k for it. Currently, the mortgage is around £47k so I currently have approximately £58k equity in it. My partner works in the public sector but his wage is not brilliant (around £20k tops). I receive long-term disability benefits of approx 700 a month, 220 of which pays for a Motability hire car.
I ought to clarify some details: I no longer work due to health reasons, and have (in the past) had occasional arrears on the mortgage, but no longer. Our flat is currently worth around £105k but with all the work we want to have done, we know we could ask over £125k for it. Currently, the mortgage is around £47k so I currently have approximately £58k equity in it. My partner works in the public sector but his wage is not brilliant (around £20k tops). I receive long-term disability benefits of approx 700 a month, 220 of which pays for a Motability hire car.
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Comments
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This can be done, but it will be tricky - there are complications - some lenders wont like it - and it may not be a good idea anyway.
Engage a mortgage broker to assist you.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
What sort of complications could there be? Do you think switching before would be the wrong thing?0
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Any advice appreciated, anyone willing to advise?0
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