Can I transfer a mortgage into partners name?

Rashidhussain69

I have a residential mortgage in my name with YBS and I am looking to purchase a business and don't have enough money for the deposit to buy the business but I can get a commercial mortgage however I am short on the deposit and thought if I can relinquish my residential property and put it in my wife's name I can get the business as the my earrings will cover the mortgage requirements. If this makes sense?

Can anyone advise if this is possible?

Many thanks

davidmcn

Not sure I follow - where's the cash coming from?

Thrugelmir

Mortgages are applied for, not transferred at the borrowers convenience.

Caz3121

what I think you want to do is sell the house to your wife for outstanding mortgage + deposit required...if that is correct, does your wife have an income that will support that size mortgage?

Malmo

Your wife will need to fit the lender's lending criteria to show that she can support the mortgage on her own. You can't simply put a property in someone else's name when that property is security for a lender.