Is it possible to have someone named on the deeds who isn't named on the mortgage?

Loonytunes

Looking at buying my first house but have been a temp for the last 3 years and the job I'm about to start only has a year contract so my dad has said he'll help me out. Is it possible to get just him on the mortgage as I don't think they'll consider me but have me named on the deeds? How would we do this? Thanks

Loonytunes

Anyone?

TEDDYRUKSPIN

Answer: Unfortunately due to the nature of your contract, your income will not be counted on the mortgage. No company will take this.

As for your dad, they will need to know the amount of debt (liabilities) he has and factor this in.

In this scenario, (guarantor), both will have to be on the mortgage!

PS. I will be surprised if you get a decent mortgage amount to borrow, depending on how much your dad earns and amount of liabilities he has.

Loonytunes

Thanks for your reply.
I'm only looking for about a £60,000 mortgage. My dad has no liabilities - he owns his house outright and doesn't have any debt. I don't think it would be a guarantor mortgage we'd be going for, the mortgage would be in his name and probably not mine at this point as I have nothing to bring to it. I'm just trying to work out if I can get my name on the house deeds without being named on the mortgage. Does that make sense?

TEDDYRUKSPIN

Another factor will be the age and job your dad is!

There is away around this but as you are not after a guarantor mortgage, the answer is 'NO'.

unite79

As Teddy has probably found out, you can-not go on the deeds if you are not named on the mortgage FULL STOP - Therefore the only way orund it would be to do a Guarantor mortgage - Whilst you say you bring nothing to the table the Idea of a Guarantor mortgage is that you will eventually be able to maintain the mortgage, and then your father could be removed.

Mini_Bear

Do you have any savings for a deposit or to pay all the fees associated with buying a house.
If you havent saved i would think long and hard about how you will pay for emergency repairs and the usual things that go wrong in a house.
Also how secure is your temp job, you said its a year contract but can the firm terminate it before this date?
sorry to be the doom-monger but they are my thoughts! Good luck OP!

SaveMeTheMoney

Have to agree, as if you and your dad are named on the deeds, then both must enter into the mortgage.