Transfer of Mortgage

Posted on 27 September 2018 by Geoff

We have separated but I want to keep the house and buy her out. What do I need to do?

Hi Geoff,

The whole scenario really depends on whether or not you can afford a mortgage to pay the share of the mortgage.

If you can and a lender agrees with you there will be two ways of doing this, either you can approach your existing lender, ask them for additional funds to buy out your wife and at the same time ask them to transfer the property into your sole name or you can approach a completely new lender for a mortgage to repay the existing one and pay off your wife.

 It is normally cheaper to approach your existing lender who will charge you a reasonable administration fee plus any new product fees for the further advance, but you may be able to secure a better rate by remortgaging elsewhere.

However you decide to proceed you will need to take independent legal advice and instruct solicitors to execute the change of property title for you.


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


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