Loan process on Transfer of property

hi

I'm seeking advice on the following scenario;
Property owned by Person A,
Transfer of ownership will be processed to Person B
How easy is it to get an existing loan that is in person A's name, transferred to Person B's name.

ie, there won't be any contract of sale.

like refinancing a loan, but with a different mortgagee?

any help is appreciated

 

Hi Sodapop,

I think the issue would be around person B affordability.

Cheers,

Dan
PS Before making a borrowing decision see your friendly lender.

 

Wouldn't stamp duty etc also come into play?

 

thanks for the replies. I checked with some lenders and Yes, stamp duty / application / legal fees etc will still apply. Most lenders do it like a standard purchase loan

I'm trying to look for a lender who'll not worry about the deposit thats usually required to be put down by the transferee.

This is a straight transfer of ownership between 2 related parties - no money for deposit will be given/taken.
Most lenders will consider this transaction when transferring between husband/wife, parent/child but what about between siblings / first cousins??

I'm looking for a lender who'll consider this case between cousins.

Anyone know a lender who'll consider this case?

Person B can prove (full doc) affordability of the repayment of the existing mortgage.