Mortgage Application Question

ChargeHater!

Hi,

Just wondering if anyone knows why, on the mortgage application and solictors form, they ask if someone else is going to live in the property with you and they request their name and age (even though you are buying the property in only one name)?

Thanks

A

happybroker

if you are aged 17 or over you gain certain rights of occupancy over the property in which you live. That person would need to give their consent to the mortgage being taken which effectively means that they can't throw a spanner in the works if the lenders tries to take posession.

ChargeHater!

Thanks - so will that mean I may have to sign some kind of form waiving any rights etc

happybroker

if you're the occupier as opposed to the person applying for the mortgage then you will have to sign a "consent to mortgage" form which the lender will supply to the solicitor who is acting.

It will be recommended that you seek independant legal advice though this is rarely insisted upon.