• Is It Absolutely Complsory At All Circumstances To Apply For A Remortgage Over The Existing Mortgage In Order To Complete The Transfer Of Equity (change Of Ownership)?

    By Guest on 11th Aug 2016

    is it absolutely complsory at all circumstances to apply for a remortgage over the existing mortgage in order to complete the transfer of equity (change of ownership)? Or is it not complusory to get a new mortgage/remortgage on the same property if desiring to get a transfer of equity completed? Can I get the transfer of equity done without the need for having a new mortgage or remortgage?

  • 1 Answers

    By Guest on 27/11/2016

    You can do the transfer subject to the existing mortgage, i.e. the existing mortgage continues but the outgoing ceases to be responsible for it (or the incoming owner becomes responsible for it as the case may be). The lender will need to consent and will assess whether the people who will be responsible for the mortgage after the transfer can actually afford it.

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