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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 10085
Experience:  30 years as a practising solicitor.
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legally does the bank have the right to change my mortgage?

Customer Question

legally does the bank have the right to change my mortgage? Ive had it for 10 years never missed a payment and been on my own for last 4 years. My ex husband wants to take his name off and I want to put my new partners name on. salary fine. I just want an internal transfer done. I worked for a bank years ago and we did this no problem. Now apparently if I want to make any changes then I have to take out one of their new mortgages and of course the interest rates are much higher! This seems very unfair to me? Its the HSBC bank and should I ask to speak to Ombudsman? They said it is done by internal tansfer but I have to take a new mort out ? loan to value is about 65% also?? thanks

Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
Unfortunately, the scenario you describe is not a case of the bank changing your existing mortgage. A mortgage is a contract between the lender and the borrowers. In the situation you describe, the parties are changing, so as a matter of law there is a new contract and a new mortgage.
Because of that there is no legal obligation on the lender to offer the same product. The difference here is that this is not a situation where one party is going and the other is staying. There is the extra issue of your partner being put on the title and added to the mortgage. This makes it more than just the standard "transfer of equity" that you may have encountered in the past.
You can submit a complaint to the ombudsman but I don't think that the lender will be found to be at fault in this situation, I'm afraid.
Happy to discuss further.
Please leave a positive response so that I am credited for my time.

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