I am going through a divorce and within the settlement, it has been agreed that the house and outstanding amount owed £90,000 be put in my name.
We have a Cheltenham and Gloucester SVR mortgage currently 4%.
I have spoken to the lender who says it is no longer possible to transfer and that I need to take out a new mortgage. Why is this so? I only want to remain on existing terms but in sole name?! Seems they want me to take out a new product - new product fee, and tracker or fixed as they no longer offer SVRs.
This doesn't seem fair. I agree that I need to prove I can meet repayments etc. but why are they allowed to refuse to remove a name these days.
Many thanks