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Morgage going in partners name - am I still a buyer?
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MarkNewby
Posts: 28 Forumite
Hello all,
Me & my partner Matt [unmarried] are in the process of buying a flat. As I have adverse credit history, we were advised by an IFA that there would be more chance of the application succeeding if Matt [who has fine credit history] was to apply for a mortgage alone.
We have begun to do this with our mortgage broker [a different IFA] and our solicitors sent us through a home buyers pack. It makes reference to the names of the buyers on the form, then asks for information on the mortgage.
I'm just wondering - as the mortgage is going to be in Matt's name only, will I still be able to be joint owner of the property [and therefore can I put myself as a buyer on the form / be registered as a co-owner in the eyes of the law] or will the mortgage lender be likely to complain if / when they see that I am applying for joint ownership? We are basically going to form a co-habitation deed with a solicitor so that we are both equally responsible for paying the morgage.
Sorry if this is a totally obvious answered question - just never bought before and it's one of those things you know or you don't
Cheers all,
Mark.
Me & my partner Matt [unmarried] are in the process of buying a flat. As I have adverse credit history, we were advised by an IFA that there would be more chance of the application succeeding if Matt [who has fine credit history] was to apply for a mortgage alone.
We have begun to do this with our mortgage broker [a different IFA] and our solicitors sent us through a home buyers pack. It makes reference to the names of the buyers on the form, then asks for information on the mortgage.
I'm just wondering - as the mortgage is going to be in Matt's name only, will I still be able to be joint owner of the property [and therefore can I put myself as a buyer on the form / be registered as a co-owner in the eyes of the law] or will the mortgage lender be likely to complain if / when they see that I am applying for joint ownership? We are basically going to form a co-habitation deed with a solicitor so that we are both equally responsible for paying the morgage.
Sorry if this is a totally obvious answered question - just never bought before and it's one of those things you know or you don't
Cheers all,
Mark.
0
Comments
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Solicitor will sort this out for you. The mortgage lending will be in your partners name but the title deeds can be in both names. The only difference will be the terminology on the charge forms when sent from bank/build to solicitor and back. Don't worry about it.
In simple terms:
(1) Mortgage - sole name <Finance co. and solicitor>
(2) Title deeds of property in joint names or tenancy in common <solicitor>
Good luck and stop stressing. You pay the solicitor to stress and not the both of you!Motto: 'If you don't ask, you don't get!!'
Remember to say thank you to people who help you out!
Also, thank you to people who help me out.0 -
Okay great - puts my mind at ease!
Thanks for the reassurance Teddy.0 -
Sory, I think not, you can not go on the title deeds if you are not on the mortgage - -Full stop.0
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unite79 is correct, the property cannot be registered in your name as well if the mortgage is just in the name of your partner.
Have you spoken to the lender to see if they will consider putting you on the mortgage?
CC debt at 8/7/13 - £12,186.17
Barclaycard £11,027.58
Halifax £1,158.59
5 year plan to live unsecured debt free and move home0 -
Actually you can! I have done alot of mortgages which have gone through that way.
title of transfer of deeds form. Easy done. Indirect charge!Motto: 'If you don't ask, you don't get!!'
Remember to say thank you to people who help you out!
Also, thank you to people who help me out.0 -
So, lets think about this......
Mortgage does not get paid, lender goes to court --Ohh we cant repossess - due to someone else being on the Title deed -
That is why anyone over the age of consent has to sign an exemption form....
I can only assume you bought houses over priro to 1991, or you missed that on your cemap exam!0 -
Ermmm Unite! It can be done. Stop being stubborn. Too forms are filled out by both parties. Mortgage loan on one name. Indirect charge. Transfer of title form. And Letter of consent!
It can be done. I have done it so many times..... No banks or building society will ever authorise this if it can not be done!Motto: 'If you don't ask, you don't get!!'
Remember to say thank you to people who help you out!
Also, thank you to people who help me out.0 -
Technically, it is possible to have a mortgage in one persons name and the property in joint names, there nothing to say this can't be done. BUT, the mortgage company will have to agree to it, and they won't, for the reasons that Unite gives above.0
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PS. It must be that the company missed it out on their cemap exam then. Because if they are allowing this to go through it is'nt my fault. They issue the documents. Some companies charge like Halifax and some don't like HSBC.
LOL. Some stubborn people here. Like me. LOL.Motto: 'If you don't ask, you don't get!!'
Remember to say thank you to people who help you out!
Also, thank you to people who help me out.0 -
Sadly, that makes two of us
OP, the moral of this one I think is to explain the situation to you solicitor and your broker, and get them to double check with the lender.0
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