Change of names on mortgage

Posted on 6 October 2012 by Steve Smith

I currently live with my parents and mortgage is in our 3 names although I make all the payments. I will be leaving the household but parents will remain in the house. My brother wishes to take over paying the mortgage so he has a stake in the property. Would it be possible to change existing mortgage so that it is in the name of my brother and I. My parents are happy to remove their names from mortgage and title deeds so long as they can continue to live there.

This known as a "Transfer Of Equity", and subject to meeting the lenders' criteria is a fairly straightforward process. To discuss your query in more detail, please let me know and I will arrange for one of our consultants to contact you.

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

You are currently offline. Some pages or content may fail to load.