Change of Borrows on Mortgage (95% LTV)

mad_money_panic

Hi All,

I am in a bit of weird scenario and was wondering if anyone had experience.

I have a mortgage with Santander and I am in the process of removing someone from the mortgage and adding my partner. Straight forward change of borrower (transfer of equity).

Did anyone have any issues during the underwriting stage when carrying out a change of borrower? Specifically aimed at people with little to no equity in their property.

I currently have less than 5% equity in the property. I have phoned up Santander who have begun the process outlined below.

1. Initial Affordability Chat: My partner and I pass the affordability checks and there are no issues here. We can both afford the mortgage. The person on the phone did mention that the LTV (95%) may be an issue, however, they can still put me through manual underwriting.
2. Meeting with Mortgage Relationship Manager: Had the meeting and they mentioned the same thing with the LTV. They asked if I could pay off a portion of my mortgage to bring the equity up to 10% and I replied no. They were happy to pass me onto underwriting either way.
3. Mortgage Meeting: I am about to submit documents (payslips and bank statements) and have a mortgage appointment. After this point I will go through underwriting.

Has anyone gone through the underwriting process and been required to top up their mortgage (pay off some of the balance)? Quite anxious about this as I don't have the funds to get up to 90% LTV.

Thanks!