Mortgage consent order

Pepper07

hi
can anybody tell me what and how a mortgage consent order works? i am tied into a mortgage with my dad but don't pay anything towards it and wondered if a consent order could help me as i want to get a mortgage with my hubby?

thanks for your help

Richard_Webster

Sorry, never heard of it. You will have to explain a bit more where you got this from.

Pepper07

i googled it and i don't if it just relates to couples who get divorced but it sounded like a legal document that stated that you didn't pay anything towards the mortgage and therefore enabled you to get another one.

i need to find a solution to my problem: i am named on a mortgage with my dad but don't pay anything towards it and never have done and now i have just got married my hubby and I would like to buy a house of our own, my dad doesn't earn enough to take me off the mortgage and be named solely...anybody got any ideas your help and advice is much appreciated

Richard_Webster

If there is a divorce then the husband and wife have to sort out who gets what as far as property is concerned. This could include an agreement about who gets the house and who pays the mortgage. This agreement is then submitted to the court which makes an order to finalise it - that's a "consent order." It's not a consent order if they can't agree and the court has to decide!

Nothing at all to do with your present situation. You and your dad are not getting divorced are you?

Your father will have to convince the lender that he can afford the mortgage on his own otherwise they won't let you off. This is a point that grown up children have to think about when they go on mortgages to help their parents - will it make it difficult to get another mortgage if they meet someone?

silvercar

You need to submit the facts to the lender.

You say that you are financially jointly responsible for the mortgage with your father, but (if it is true) that your father makes the mortgage payments and maintains the property alone. The lender may ask for more info, they may reduce the amount they will lend you as a result or they could decide that the commitment with your father means they won't lend to you.

I would guess a good whole of market broker would know which lender would be sympathetic.

What you don't want to do is have a footprint of multiple mortgage applications on your credit record. So don't walk up the high street applying to every lender.