Transfer of equity with less than 6 months remaining on mortgage

xxleoxx

Hi all.  Anyone have any experience of transferring equity in the current climate?  There is only 6 months left of the existing mortgage and I am concerned that my lender might want a remortgage which would be costly and possibly unaffordable.  

I’m with NatWest if that makes any difference.

cheers!

housebuyer143

xxleoxx said:

Hi all.  Anyone have any experience of transferring equity in the current climate?  There is only 6 months left of the existing mortgage and I am concerned that my lender might want a remortgage which would be costly and possibly unaffordable.  

I’m with NatWest if that makes any difference.

cheers!

Where are you transferring the equity to?

Edi81

6 months before the final repayment or the end of a fixed interest rate?

K_S

xxleoxx said:

Hi all.  Anyone have any experience of transferring equity in the current climate?  There is only 6 months left of the existing mortgage and I am concerned that my lender might want a remortgage which would be costly and possibly unaffordable.  

I’m with NatWest if that makes any difference.

cheers!

@xxleoxx What are you trying to achieve by doing a ToE before the end of the fix?

I can't speak for your case specifically but generally speaking - if it's affordability/criteria çhecks that you'd like to avoid then that might not work as typically if you're changing the borrowers (taking-off or adding-on someone to the mortgage and deeds), the lender will do the normal affordability and criteria assessment to confirm that the new combination of borrowers can afford the outstanding loan amount.

I don't know the mechanics of a NatWest ToE, but to get an idea of what kind of process is followed for a ToE while keeping the same mortgage, this Accord guidance might help
https://www.accordmortgages.com/existing-customers/my-mortgage/transfer-of-equity