Adding or removing a borrower from your mortgage is called Change of Parties (CoP) or Transfer of Equity (TOE).
Adding someone to the mortgage is treated as a new application. And before removing someone, we’ll need to check the person remaining on the mortgage can still afford to pay it.
Once you’ve applied for a CoP, please appoint your own solicitor. You’ll also need to pay a fee which is in our list of Mortgage Charges.
If you’re letting your property, let us know by completing our tenancy pack and paying the fee.
For the first year, the charge is £299 (£199 Let With Consent Fee, and £100 administration fee). For each year after that (up to a maximum of 4 years), the annual fee is £199.
When you return your completed tenancy pack, make a payment online or include a cheque to cover the fee. This fee must be paid before we are able to review your application. A full list of fees can be found in our Tariff of Mortgage Charges.
It’s really important you let us know if you’re letting out your property as without formal consent you’d be in breach of the terms and conditions of your mortgage. If you pay the £299 charge, and your application is declined, we’ll refund you the full amount. You can download a tenancy pack or ask us to post one to you.
Please note that in order to apply for a Let With Consent, we ask that the mortgage is at least 12 months old and that the account is not in arrears. We don’t allow a Let With Consent on properties where a HMO license is required.
To get a new deal whilst letting your property, you’ll need to switch your current mortgage to a Buy to Let deal. This will be subject to a full application, lending criteria and valuation.
Reducing my term with overpayments
You can reduce the term of your mortgage without changing your monthly payment by making overpayments. This means your mortgage will end sooner so you’ll pay less interest overall.
To reduce your term, you’ll need to complete the steps below each time you make an overpayment. Otherwise, we may automatically recalculate your payments.
- Check you’re eligible to reduce your term.
- Use our overpayment calculator to get an idea of how your mortgage could change.
- Visit your hub to view your current overpayment allowance and make your overpayment.
- Apply using ‘how can I reduce my term’ form via the ‘Tools’ button of your hub within 5 days of making your payment. If you submit your form after 5 days, we’ll send you a secure message about what happens next.
- We’ll write to you to confirm we’ve received your request. A copy of the confirmation needs to be signed by everyone named on the mortgage and returned to us before we can make any changes.
Reducing my term without overpayments
If you have a repayment mortgage, you may be able to reduce your term without making an overpayment. Whilst this means your mortgage will end sooner, your monthly payments will increase so we’ll need to make sure it remains affordable.
Switching to a new mortgage rate
If you’re currently applying to switch to a new mortgage rate, or are about to, send us a message through your hub before making an overpayment. We’ll review your account and let you know the best way to proceed. You may also be able to reduce your term to a certain limit, without making an overpayment, as part of an online product switch.
If you have a repayment mortgage, you may be able to extend your term to reduce your monthly payments. We’ll need to check your new term is still affordable, particularly if it extends past retirement age. To extend your term, get in touch.
If you’re worried about making your mortgage payments, it’s really important to let us know. Talking to us about your financial situation makes it easier for us to help you. Please read our Money Worries section for more information.