Transfer of equity
The Co-operative Bank for Intermediaries 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 costs if your client needs to increase the amount of their mortgage. Please look at our Borrowing More section for more information.
Solicitor requirements
We require a solicitor to act in the Transfer of Equity. This can be a solicitor of your clients choosing, provided that they are on our Residential Conveyancing panel. Contact us on 08000 288 288 (Call charges) to check if a solicitor meets our requirements.
Alternatively, we can provide details of a solicitor, if required.
Considerations for a Transfer of Equity
- A mortgage offer will be sent to the solicitor once the application and supporting documents have been assessed. 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.
Will I receive a procuration fee?
No, we will not pay a procuration fee for a Transfer of Equity
Transitional arrangement
There are borrowers who are currently maintaining monthly payments which demonstrates that their mortgage is affordable, but on assessment would fail the standard affordability assessment. To ensure the continued fair treatment of customers, the Bank applies transitional arrangements provisions under MCOB 11.7, If you feel your client would benefit from a Transitional Arrangement, they will need to contact us directly on 08000 288 288 (Call charges) so that we can understand your client’s current position and circumstances, before agreeing the best way in which to support your client.
What if my client is approaching maturity and would also like to do a Product Transfer?
If your client’s current product is approaching maturity and they would like to do a Product Transfer in addition to a Port, Additional Loan, or Transfer of Equity, please advise them to contact us direct.
How do I apply?
Please click on the link below to see how you can apply for a Transfer of Equity on behalf of your client.