Transfer of Equity

To inform us on a transfer of equity please complete the application form and return this to us, along with the administration and valuation fees, if applicable.

What is the process?

• You’ll need to ensure that you are registered with us through our Hodge Broker Portal.
• You’ll need to send us a completed Application Form together with any product and valuation fees.
• You can send the completed forms to [email protected].

We’ll need to do an affordability assessment.

• Once we’ve verified your client’s ability to repay the mortgage, we’ll need an up-to-date valuation report. We may need a valuer to visit the property.
• We’ll review the valuation report to assess the property and its current value.
• If the valuation report is acceptable, we’ll issue a mortgage offer and will send this to your client’s and to our solicitors to instruct them to act.
• Your client’s solicitor should then contact our solicitor to arrange for the transfer of ownership.

How long does the process take?

• Once we receive the application form and fees, it takes a few weeks to issue the mortgage offer.
• This depends on how quickly we receive an updated valuation of the property.
• We may also ask for information so we can assess your client’s affordability, for example if a party is being removed, to ensure the loan remains affordable for the remaining party.
• Once our solicitor receives our mortgage offer to instruct them to act on our behalf, it takes up to three months to complete on the transfer of ownership.

Do you charge any fees?

• Your client will need to pay our administration costs of adding or removing a party. This is £250.
• This is non-refundable even if this application doesn’t go ahead.
• We’ll need a valuation of the property and if the property value is below £1m the valuation is free, if it is over £1m a fee will apply.
• They’ll also need to pay both our and their legal costs.

Will my client have to repay some of their loan?

• If someone is being removed and the loan is no longer deemed affordable for the remaining party, they will need to repay part of the loan.
• No early repayment charges will apply if we ask you to repay some of your loan however, if it’s your client’s choice to repay part of the loan and they are within their fixed period then early repayment charges will apply.