Change of borrower

A change of borrower (also known as transfer of equity) is adding or removing a borrower from an existing mortgage with The Mortgage Works. The two may take place at the same time, for example, where one borrower is replacing another.

Requesting a change

The borrower who requests the change must be one of the original borrowers who'll remain on the mortgage following the change. The application can't be submitted by the borrower who wants to be removed or added. The remaining original borrower must remain on the account for the life of the mortgage, so can't be removed at a later date. 

If you want a mortgage broker to submit an application on your behalf, you'll need to complete a third-party authority form to allow the broker to deal with your account. This form will only allow the mortgage broker to have authority on the mortgage in relation to the change of borrower application. 

A solicitor will need to be instructed to support the application as they'll ensure the transfer of ownership is correctly registered at the Land Registry and satisfy any associated legal requirements.

Applying for a change

The application form must be completed and posted to us. A fee of £150 is payable once this has been approved, you can either pay this upfront or add the fee to the mortgage. Interest will be charged on the fee if you choose to add it to the mortgage.

Key criteria

  • Applications where you and/or a family member are living in The Mortgage Works Buy to Let property without our consent aren't acceptable.

Removing a borrower

  • The monthly rental amount must be equivalent to or more than 145% of the monthly mortgage payment due, using a mortgage interest rate of 4.99%.
  • If your gross personal income is below £50,000, we may accept applications where the monthly rental amount is equivalent or more than 125% of the monthly mortgage payment due, with an assumed interest rate of 4.99%
  • We may request proof of rental income and/or any other personal income.
  • The maximum allowable loan to value (based on a current property valuation) is 80%. 

Adding a borrower

  • The maximum allowable loan to value (based on a current property valuation) is 95%.

The above isn't a full list of our lending criteria. All applications are subject to credit scoring and an underwriting assessment.

Change of borrower (transfer of equity) application form

Complete this form to apply to add or remove a borrower.

Download application form

Frequently asked questions