can an extra person be named on a mortgage if they are not financialy contributing?

Al44
Al44 Posts: 21 Forumite
in Mortgages & endowments
Can an extra person be named on a mortgage if they are not financialy contributing? I wanted to add a good friend of mine onto the next mortgage I take out so they can have something behind them in a few years. However the person is a student and is not currently working.

is this possible? Or would they have to have some kind of job to be named on the mortgage?

Comments

  • Tom99
    Tom99 Posts: 5,371 Forumite
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    Who is going to occupy this property?
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
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    be very careful. Money and friends should never mix


    If you default on the mortgage, who do you think the bank is going to come after next? Your friend is going to be equally responsible job or not job


    Worse if you kick the can, they will take full responsibility. Ensure you have life assurance if you want to consider this and a will
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • glentoran99
    glentoran99 Posts: 5,821 Forumite
    First Anniversary Combo Breaker First Post Debt-free and Proud!
    Al44 wrote: »
    Can an extra person be named on a mortgage if they are not financialy contributing? I wanted to add a good friend of mine onto the next mortgage I take out so they can have something behind them in a few years. However the person is a student and is not currently working.

    is this possible? Or would they have to have some kind of job to be named on the mortgage?



    what do you mean "something behind them" only thing adding them to the mortgage will give them is a large debt
  • stulish1
    stulish1 Posts: 6 Forumite
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    I would say yes, but they have to agree to it as an applicant.

    My wife is named on the mortgage, but she doesn't work, so i pay the mortgage, i also pay for life cover to pay off the mortgage in case i die, so the bank is happy.

    Hope this helps
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Al44 wrote: »
    However the person is a student and is not currently working.


    Are they financially dependent on you?
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