You can add or remove someone from your mortgage without increasing the amount you’ve borrowed. This is called a change of borrower or transfer of equity. Before we can do this, we’ll need to make sure that you can still afford the payments after we make the change. To do this we’ll carry out a …
Adding or removing someone from the mortgage
Voluntary surrender
If you no longer wish to remain in the property and have somewhere else to live, regardless of whether there are any mortgage arrears, you can choose to voluntarily surrender the property. This is often known as ‘handing the keys back’. You should think very carefully before going ahead with this option.
Selling your property (for less than the outstanding mortgage amount)
This is known as a ‘sale at shortfall’. If you wish to sell your property, regardless of whether there are any mortgage arrears, it may be that the sale price won’t be enough to pay back your mortgage balance. If this is the case, you’ll need to go through our sale at shortfall process.
Assisted voluntary sale scheme
If you are no longer able to afford to live in your home, we may be able to help you sell the property through our assisted voluntary sale scheme. You’ll be able to stay in your property while it’s on the market, you’ll stay in control of the sale process and we’ll even pay your …
Government rescue schemes (Scotland & Wales)
If you can no longer afford to make your mortgage payments but want to stay in your property and are resident in Scotland or Wales, you may be eligible for one of their mortgage rescue schemes. These schemes allow you to keep living in your own home as a tenant, part-owner or part-tenant. If you …
Adding your arrears to your mortgage balance (capitalisation)
If you’ve got your finances back on track, you might be able to add your arrears to your outstanding mortgage balance and pay them back over your remaining term. This is known as ‘capitalising’ your arrears. You will need to maintain your agreed monthly payments for at least 6 months before we’ll consider capitalising your …
Letting your property
If you’re no longer able to afford to live in the property but have somewhere else to live that is affordable, we may agree for you to let the property for a temporary period.