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    neilaylin's Avatar
    neilaylin Posts: 1, Reputation: 1
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    #1

    Nov 12, 2009, 01:10 PM
    transferring a name on a mortgage
    I need to move but I can't sell. Luckily for me the house has been valued for what I paid so I’m not in negative equity, but the offers I'm getting are less, so I would have to make up the difference. I have a friend though who said he would take over the repayments on the mortgage and move in. which works for him as he doesn’t have a deposit. Therefore can you advise, if I could transfer the house over to him completely so he could just take over the repayments? Do building societies allow this to happen? I have no penalties by the way as I'm on a standard variable rate mortgage which I can redeem at any time.
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #2

    Nov 12, 2009, 01:52 PM

    No, you can't just transfer a mortgage into someone else's name. There has to be sale transaction first and that person has to seek a mortgage to cover his purchase.

    Tick
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