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

Your mortgage lender may need to be notified when you transfer equity in your home. Here's what you need to know about how and when 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 conditions that will need to be met in order for the existing mortgage to 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 in 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.

Your next step

Whether you are gifting a property to a child, getting married or separating, or transferring equity for any other reason, we can help you find an expert conveyancing solicitor. Even if you are just looking for advice, we can help.

If you are also planning to remortgage as part of the transfer process, the remortgage legal work can be completed at the same time as your transfer of equity.

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