The Co-operative Bank for Intermediaries can support your client if they want to add or remove a borrower from their mortgage.
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.
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 01752 236550 (Call charges) to check if a solicitor meets our requirements.
Alternatively, we can provide details of a solicitor, if required.
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.
No, we will not pay a procuration fee for a Transfer of Equity
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 01752 236 550 (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.
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.
Please click on the link below to see how you can apply for a Transfer of Equity on behalf of your client.