Transfer of equity to partner Halifax Mortgage

Jammer67

Hi All

We were about to do something that we thought was going to be really simple but is proving difficult bordering on impossible.

My fiancee who lives with me in my house has just sold her house and got a nice lump of equity which we want to use to reduce my mortgage from £136k to £45k.

Because like me she is a divorcee with adult children, I want her to feel completely secure and protected and have the equity jointly owned so that in the event of anything going wrong with me financially or healthily or of course if we should ever split up, she won't lose what is effectively all her life savings.

Effectively I'm selling her half of my equity for £91k which we are both happy with.

I have a mortgage consultant who I trust having used him for years, but he's being led round in circles by Halifax who apparently have to give permission ( I don't get why it is any of their business) and it would involve credit checks etc and even then might not be possible. Neither of us have ever missed a mortgage payment but we have both struggled the last couple of years and have maxed the credit cards a bit. Obviously with a single much reduced mortgage we were planning to hit those off at a much quicker rate.

Anybody got any experience of this and could lend me a tip or two how best to get around it for both our peace of minds?

Many thanks
James

glosoli

What is it Halifax have to give permission on, is it for him to be able to process the transfer of title application application in the first place? From what I can see, the broker can only process further advances / product switches, anything else you would have to go Direct, though I might be wrong.

A transfer of title is a full mortgage application, subject to as you say, credit checks, income checks, so on and so forth so effectively you are applying for the mortgage again, this time in joint names.