Who can take over your mortgage

Posted on 13 July 2018 by steve

Can my son take over our mortgage?

Hi Steve,

It is possible your son will be able to take over your mortgage, but it will depend on your answers to the following questions:

  • Who is going to be living in the property?

  • Is the title of the property going to be changed into your son's name?

  • Is any money going to change hands?

  • How old is your son?

  • Can he afford the monthly mortgage payments in addition to any existing credit commitments?

  • Does he have a clean credit history?

It is likely that your lender will want your son to complete a new mortgage application, some will transfer the existing mortgage which can be especially useful if you are still in an initial benefit period and subject to early repayment charges, they will carry out a credit search and score, assess his income and make sure that he is eligible to take over your mortgage before giving their consent.  You will find that there is an administration fee to pay, which can run to several £100s depending on your lender and you will need to instruct a Solicitor to complete the legal arrangements.

I recommend that you all take independent legal advice once you have spoken to your lender and found out how if they will allow a transfer or want your son to complete a new mortgage application.  If it is the latter, your son does not need to stay with your existing lender and can look elsewhere for a better deal.  I believe we can help him and that he would benefit from speaking to one of our independent mortgage advisers.  Please ask him to call 0344 346 3672 and one of our independent mortgage advisers will be able to advise him.

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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