Mortgage by proxy?

fiftyg

Hi everyone!

First post from a long time reader of the forums. Anyway to my question!

With my credit history there is no way in heck that I would be able to obtain a mortgage.

What I am wondering is it possible for someone for instance with a stellar credit history to get a mortgage on my behalf and in some way sign it over to me?

Please forgive me if the question sounds stupid, but it is a thought that came to my mind and I am trying to explore the possibility. I did mention this to banker friend of mine and he did say that it is theoretically possible.

I am just so tired of paying mortgage sized rents living in central London and not having a place to call my own.

Thanks

CloudCuckooLand

A mortgage can be transferable, but the person taking it over still has to meet the income and credit checks to satisfy the Lender, as though a fresh application.

As a long-time reader, you may have spotted threads where couples split up and then cannot alter who is on the mortgage due to insufficient income/poor credit - this is basically the same.

The mortgage cannot be "signed over" without the consent of the Lender.

If you have a rich banker friend, they could provide a private mortgage arrangement, perhaps?

fiftyg

I wish I did!

No he is just a branch manager, but as he said that it may be possible I thought I would try to investigate a little.

But at the same time maybe I will try to find someone to make that private mortgage arrangement!

Thanks for your reply.

ManAtHome

Possible they could act as guarantor for the mortgage, but may need to be a family member (parent, brother, sister etc). This doesn't allow for any 'signing over' though (until you hit the LTV/salary multiple/credit checks to take over) - they're on the hook for it if you default.

fiftyg

The guarantor program sounds interesting. After a number of years do you think that they would look favourably on a transfer if there had been no problems with payments despite my past poor credit?