top of page
Search

🔄 Can You Transfer A Mortgage To Another Person?

  • Liam Drummond
  • Apr 3
  • 2 min read

Everything You Need to Know About Mortgage Transfers in the UK



Three people sitting at a cafe table with laptops and coffee, smiling and talking about mortgages. Brick wall and window with light entering the room.
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

Comments

bottom of page