A mortgage is a loan that is used to purchase a property. The mortgage is registered in the name of the borrower and is secured against the property. This means that if the borrower fails to make the agreed repayments, the lender can take action to repossess the property. Mortgages are typically long-term loans, with repayment periods of 25 years or more. However, it is possible to transfer a mortgage from one person to another.
There are a few reasons why someone might want to transfer their mortgage. For example, they may be moving house and want to take their mortgage with them. Or, they may want to add someone else to their mortgage in order to get a better interest rate. In order to transfer a mortgage, both the borrower and the lender must agree to the change. The lender will then need to assess the new borrower to make sure they can afford the repayments. Once all of these steps have been completed, the mortgage can be transferred into the new borrower’s name.