first time morgage with bfriend parent

ab634

Looking into a dream start deal with barratts which my bfriend cant do because of his debts so his parent is doing it on his own but now barratts want someone on the mortgage who is going to or will live there (we dont leave together) just want to know the pos negs of going in to a mortgage with someone who isnt your partner as i dont know much he is obviously alot older than me and he says im just a name but im not its like a huge debt and need to know things like what happens if his parent dies? i seem to be the one whos worried as im making this commitment but im just as much involved as his parent? even though he has the financial backing to open the mortgage any advise greatly received especially mortgage advisers thanks

clearing_out_my_pockets

A couple of questions:

1) Will you be living there?
2) Will you be paying half the mortgage?
3) Will your boyfriend be paying the other half?
4) Do you have a mortgage offer? I understand new builds can be tricky in this respect.
5) If your boyfriend can't get a mortgage because of debt, will he be able to pay utility bills, groceries etc as well as the mortgage?

The above questions will make it easier for people to give you advice.

If you do go ahead with this, you should look into becoming what's known as tenants in common rather than joint owners. I don't claim to be an expert in this...

ab634

reply
1) not at the moment
2) no he can afford it on his own for at least the first year
3) same as 2
4) yes we have an offer its on 70 percent 30 percent deal
5)yeah he can afford the bills just cant get credit at the moment

Robert_Sterling_3

If your name is on the mortgage then there are circumstances which could arise which would make you , and you alone, responsible for paying all of the monthly mortgage payments.

clearing_out_my_pockets

As Robert_Sterling said, you could become solely responsible for the debt. Personally, I wouldn't do it if you're not living there. You would NOT just be a name on the mortgage, it would be YOUR mortgage, YOUR debt.

ab634

thanks so does anyone know if his parent dies as i am not related to him am i responsible for it all? can anything be drawn up to say in the event of his death his son will take over the mortgage?

Robert_Sterling_3

His son is not currently "Credit Worthy".

Only the lender can put his son on the mortgage so no you can't say in advance that he can be put on it.

silvercar

thanks so does anyone know if his parent dies as i am not related to him am i responsible for it all? can anything be drawn up to say in the event of his death his son will take over the mortgage?

If the parent dies you would be responsible for all the mortgage.

Why would you wnat to take on the responsibility for the mortgage debt on a property you are not even living in?

If barratts want someone on the mortgage who will live there? You don't fit the requirement, do you?

This guy is a boyfriend rather than a partner, older than you and has debt problems. He is asking you to sign to be responsible for a large debt for him. Alarm bells are ringing.

ab634

i will be living there but not when he first moves in i dnt live in that area my partner is only just younger than me his parent is obviously the older one i just concerned if something happens to his parent before my bfriend takes over the mortgage in maybe 2yrs we are engaged just dont know much about mortgages and need to know things that may affect me personally

silvercar

oops! I read it that your bf was older than you.

His parent could amend their will to say that the bf inherits the parents half of the house. It would still leave you being liable for the mortgage. Its a risk, but if you trust your boyfriend....

Another risk would be if the parent had debts and the creditors tried to attach the debts to the house.