Taking Mortgage Terms With You When You Move

Posted on 12 January 2012 by Lyndsey

My sister and I have a mortgage on a property that we live in together. We are thinking of selling this house and each buying a house of our own. Is it possible to transfer the mortgage in any way so we have a mortgage each. ie take one mortgage and make it 2 in effect???


Not all mortgages can be transferred to a new property and I have not heard of a lender who will allow both parties of a mortgage to split it and each take the existing terms to new separate properties.

You should first of all check your Key Facts Illustration and/or Mortgage Offer to check whether or not your product is portable.  You will normally find this in Section 10. What happens if you do not want this mortgage any more?  Here it will detail if and when the product terms can be transferred and whether or not you will become liable for any early repayment charges.  Ultimately you will need to ask your lender, but I expect that one of you will be able to keep the current terms and the other will need to arrange a new mortgage.

I believe you would benefit from speaking to one of our independent mortgage advisers.  Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to offer you further advice.


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.

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