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4 people own a share in a house....
shellsuit
Posts: 24,749 Forumite
....and the 2 with the main shares want to remortgage it to do it up.
Nothing owing on it as it was given to the 4 people in a will.
Obviously all 4 people need to give permission for the remortgage to go ahead which they have.
3 people live in the property and one person doesn't (he lives with me).
What information would a mortgage company need from the person not living there, if anyone knows?
(Basically after 5 months of being strung along by Abbey National, they have refused the remortgage as the house is divided between 4 people, even though they knew this from the start, so they are looking into going through another company, but they have asked for a bank statement from my OH, which I'm not happy about because my OH lives with me, hence it is my address on his statement.....Abbey didn't ask for this info BTW)
Nothing owing on it as it was given to the 4 people in a will.
Obviously all 4 people need to give permission for the remortgage to go ahead which they have.
3 people live in the property and one person doesn't (he lives with me).
What information would a mortgage company need from the person not living there, if anyone knows?
(Basically after 5 months of being strung along by Abbey National, they have refused the remortgage as the house is divided between 4 people, even though they knew this from the start, so they are looking into going through another company, but they have asked for a bank statement from my OH, which I'm not happy about because my OH lives with me, hence it is my address on his statement.....Abbey didn't ask for this info BTW)
Tank fly boss walk jam nitty gritty...
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Comments
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There are plenty of companies that could look at a 4 way mortgage for you. If everything is explained up front to the lender, they should be able to agree the case and tell you what paperwork is needed.
Unfortunately it seems Abbey did not help in this situation even though they had all the information to hand.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Would the four people taking the mortgage each be jointly and severally liable for paying the mortgage? Would the person not living in the house consider selling their share to the three who are living there?...............................I have put my clock back....... Kcolc ym0
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Under mortgage law all parties on a mortgage are automatically "jointly and severably liable" for the debt. This is not a matter of choice, it is a condition of the legal charge.
Any solicitor will tell you the same.0
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