Transfer of equity
Platform can support your client if they want to add or remove a borrower from their mortgage.
What are the costs?
We do charge a transfer of equity fee (see our tariff for details).
There may be additional cost if your client needs to increase their mortgage. Please look at our Borrowing More section for more information.
How to request a transfer of equity
- In the first instance, your client will need to call us on 01752 236550. We will talk to them about their needs and make sure it’s something we can consider
- We’ll arrange for one of our mortgage advisors to talk to your client about any changes they want to make
- They might recommend some changes to the mortgage to ensure it’s affordable. Details of the changes made will be sent to them
- A mortgage offer will be sent to the solicitor once the correct paperwork has been returned to us. The solicitor will organise the transferral of the property and the transferral of any funds
- Any persons who are to be included on a mortgage will need to pass a credit check, and we’ll only offer mortgages that we believe are affordable. We expect that the applicants on the mortgage will live in the property.
Please note: If your client’s mortgage is held on a shared ownership or shared equity scheme, or if they have a guarantor, then we cannot offer a transfer of equity.
We insist that a solicitor acts in the transfer of equity. This can be a solicitor of your clients choosing, providing they are on our solicitor panel. Contact us on 01752 236550 to check if a solicitor meets our requirements.
Alternatively we can recommend a solicitor if required.