Transfer of Mortgage

Posted on 18 February 2011 by melanie pearson

Our mortgage for £159000 is in my sole name. The property is worth £350000. I would like to transfer the mortgage to my husbands name as we wish to change lender and I was made bankrupt but am now discharged in Oct 2008. His credit rating is good but we cannot afford to sell the property to him as we do not have a deposit. My mortgage company said they could not do it because of the stamp duty and they are no longer lending. Would it make any difference if the remaining mortgage was £150000 instead of £159000. Would they transfer it then? The mortgage co is TMB.


I do not think that a drop to £150,000 will make any difference to TMB because the liability for Stamp Duty arises on mortgages in excess of £125,000.

Whilst TMB are no longer lending it may be possible to arrange a mortgage elsewhere and there are Lenders around who will allow you to borrow 100% of the purchase price and costs because this will still be less than 75% of the property's value.

I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 and tell the adviser the date of your question, they will be able to look at your situation and take it from there.


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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