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Transferring Mortgage to a Different Property – Advice Needed
TempUsername0307
Posts: 5 Forumite
I’m based in the East of England (London commuter belt).
My family owns two properties. One belongs to me and has a mortgage of approximately £220,000. The other, owned by my relatives, is more expensive and mortgage-free. I want to transfer the mortgage to the more expensive property, making my property mortgage-free so I can rent it out as I wish and move in with my relatives to care for my disabled brother.
Has anyone done this before? Was it a simple phone call, or did you have to redo all the paperwork, submit wage slips, and go through the entire mortgage application process again?
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Comments
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Effectively you are taking out a mortgage on the second property and using the funds to pay off the mortgage on the first. You can't usually just 'swap properties'.
Could be complicated if the properties have different owners - but others can answer that better than I.0 -
You need to go through the entire mortgage application process againI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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