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  • Writer's pictureScott Mackey

Can mortgages be transferred?

Updated: Jan 12, 2023

Mortgages in the UK can be transferred, but the process can be somewhat complex and may require the assistance of a solicitor or conveyancer. The process is known as a mortgage assignment.

When a mortgage is assigned, the lender transfers the rights to the mortgage from the original borrower (the mortgagor) to a new borrower (the assignee). This allows the assignee to take over the responsibility for repaying the mortgage and for the property to be transferred to the assignee's name.

The process of transferring a mortgage typically starts with the assignee finding a lender willing to accept the transfer. The assignee will then need to meet the lender's eligibility criteria, which may include credit checks and income verification. Once the lender has approved the transfer, the assignment can take place.

One important thing to note is that the original borrower is still liable for the mortgage until the transfer is completed, and remains responsible for any defaults on the mortgage even if transfer is completed and the property is transferred to the assignee name.

It's important to be aware that if you're considering transferring a mortgage, you should speak with a solicitor or conveyancer to get expert advice and help with the process.

In summary, a mortgage in UK can be transferred, but it's a legal process that requires a lender's agreement, and the assistance of a solicitor or conveyancer, it's a good idea to understand the process and any risks that might be associated with it before proceeding with a mortgage assignment.

If you would like to talk over this subject or any other with us, please feel free to get in touch

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