🔄 Can You Transfer A Mortgage To Another Person?

Everything You Need to Know About Mortgage Transfers in the UK

Mortgage broker

🏠 What Does "Transferring a Mortgage" Mean?

Transferring a mortgage—often called a "transfer of equity"—means updating the ownership or borrower details on a mortgage agreement. This can include:

• Adding someone to the mortgage

• Removing someone from the mortgage

• Transferring the entire mortgage to another person

💔 When Might You Need to Transfer a Mortgage?

• Divorce or separation: One partner keeps the property.

• Adding a partner: A new partner starts contributing to the mortgage.

• Gifting property: Often to a child or relative.

• Inheritance: A family member inherits a mortgaged property.

🏦 Will Your Lender Allow a Mortgage Transfer?

Most lenders will allow it—but only if the new borrower meets their criteria. This includes:

• Credit score

• Income & employment

• Affordability checks

• Existing debt levels

📌 Lenders can decline the request if the person being added doesn’t qualify.

⚖️ What’s the Legal Process?

You’ll go through a process called Transfer of Equity, which involves:

1. Getting lender approval

2. Instructing a solicitor

3. Signing legal documents

4. Updating the Land Registry

5. Paying fees (and possibly Stamp Duty)

💷 How Much Does It Cost?

Here are the typical fees involved:

• Solicitor fees: £300–£800

• Lender admin fee: £100–£300

• Valuation (if required): £100–£250

• Stamp Duty: May apply if value/money is exchanged

✅ Pros and Cons

✅ Pros	⚠️ Cons
Keeps the property without needing to sell	Approval not guaranteed
Simplifies finances during life changes	Can be expensive
May allow you to retain a good deal	Legal & stamp duty costs
Helpful for family planning or inheritance	Requires lender & legal approval

👩‍💼 Should You Get Advice First?

Absolutely. Transferring a mortgage affects your credit, ownership, and legal responsibilities.

That’s why Drummonds Finance Group is here to help. We offer:

• Expert mortgage advice

• Lender negotiations

• Legal coordination

• Full transfer of equity support