What's involved in a product transfer

vimukthilk

Hi,

About a year ago my brother and I took out a joint residential mortgage. Neither of us were able to take the mortgage out by ourselves hence the joint application, however my brother has comfortably been making the payments by himself and he expects to continue to do so. The mortgage is currently on a 2 year fixed deal.

Fast forward a year and I am currently in a position where (to keep it simple) I will be leaving lay life and along with this my job to pursue other interests. Before this happens I will transfer power of attorney to my brother so he can deal with the administrative aspects of mortgage by himself.

However one question remains. When the fixed product comes to an end next year I imagine he will want to move to another fixed deal. We understand that remortgaging with another lender will probably not be an option as this will require a new credit application and without a second income this will not be possible. I also understand that if he does nothing then the mortgage will default to the variable rate.

I am wondering if a product transfer will be possible with the same lender. If he wishes to do this at that point, will he still be required to provide evidence of income for both of us? As I've said above this will not be possible for myself.

Is there any possibility a product transfer may still be possible without having to provide evidence of my income?

Many thanks in advance.

glosoli

The vast majority of product switches can be done online without any further credit checks/income required, there are some exceptions to this which can include if mortgage goes into retirement, or if it's interest only, but assuming your mortgage is run of the mill then it should be fine.

You both may be required to sign any acceptance documents that come through the post however.