Mortgage application/residents' info

kenaitch

Hi there,

I'm currently porting my mortgage over to purchase a new property with my boyfriend. For various reasons, I am buying the house in my name only, but we will be living together. I'm worried about the fact that my lender has asked who else '17 and over will be living at the property' as my partner has a poor credit score.

Why does the lender require this information, what do they do with it, and am I obliged to provide it?

Thanks in anticipation!

kenaitch

Gorgeous_George

I think you need to provide the information and your bf will probably need to sign a form confirming no interest in the property (or something like that). It protects the lender should the property need to be repossessed.

ETA: Beware of mortgage advisers suggesting you should not be truthful.

GG

Conrad

Be mindful of the fact a lender can decline a person when they discover a non party resident to a mortgage has had credit issues as they deem this person can have a significant influence on household financial managment. It's VERY hit n miss and not usualy something that causes a decline though.

If you declare him as resident then he will need to sign a waiver of all and any rights to include a right to dwell in the property. This is because in the event of a repossession the lender needs unfettered rights and access to the property - if they did not have something signed by BF, he could later say he has a right to reside and there would be nothing the lender could do where they did not hold a waiver on file.