Should I tell my lender if transferring equity in my home?

If you are planning on transferring equity in your home and you have an existing mortgage, your lender will need consent from your mortgage lender. However, if you will be remortgaging at the same time as the transfer of equity, you do not need to notify your lender.

Lender consent

Changes in the ownership of your property will require the consent of your lender. The lender will want to look into the proposed new ownership structure and they will set out any requirement or conditions that will need to be met so that the existing mortgage can stay in place.

Lending criteria varies from lender to lender and individual lenders frequently update their lending criteria.

Transferring equity is more complicated when there is an existing mortgage n place. However, dealing with mortgage complexities is a common part of transferring equity in a property.

Your solicitor will liaise with your lender and report back to you on your lender’s terms and advise you accordingly.

Using a solicitor to handle your transfer of equity is an inexpensive process and can usually be complete in a few weeks.

What if I will be remortgaging at the same time as transferring equity?

If you will be remortgaging at the same time as the equity transfer, there is no need to tell your existing lender. The new owners will be parties to the new mortgage and the old mortgage will be paid off when the new mortgage comes into effect.

How can Quittance help?

Whether you are gifting a property to a child, getting married or separating, or transferring equity for any other reason, our panel of conveyancing solicitors can take care of the legal work for you. Even if you are just looking for advice, we can help.

If you are planning to remortgage as part of a transfer of equity, we can complete the remortgage legal work at the same time as your transfer of equity.

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Puzzled by the remortgage conveyancing process?

frequently asked questions:

Get all the answers in our comprehensive FAQ section:

Frequently asked questions

Puzzled by the remortgage conveyancing process?

frequently asked questions:

Get all the answers in our comprehensive FAQ section:

Frequently asked questions
Chris Salmon, Director

Author:
Chris Salmon, Director