Remortgaging Query - Does my live in parner need to sign mortgage doc

Popsicle64

I am remortging my property and my boyfriend who has lived with me for just under 2 years is on the electoral register at my home. I own the property and the mortgage is in my name only.

My mortgage advisor has informed me that because my boyfriend is on the electoral role the future lender requires him to sign on the back of the mortgage paper so that he is aware of my remortgage situation as he is living with me. The mortgage advisor advised me that the mortgage company he is dealing with on my behalf insist on it. I am a bit worried as my boyfriend has debts and a bad credit rating.

Has any one heard of this before as I am worried this might have some financial impact on me?

Thank You

O

shortchanged_2

I imagine they are asking your boyfriend to sign a disclaimer in that he has no legal claim to the property as he is not fully tied to you legally.
His credit history has no bearing on this as he is not being added to the mortgage.

holly_hobby

Your BF is not party to the mortgage, so has to sign to his consent to leave the property upon the lenders possession.

It is a standard requirement from all mortgage lenders - and is to procted them against unauthorised occupancy from none-mortgagors.

They shouldn't conduct a payment profile search on him (and they need his authority to do so in any event), as he is not actually party to the mortgage itself.

Hope this helps

Holly

abankerbutnotafatcat

Agreed, it's standard practice and nothing to do with credit-worthiness. It is enables the lender/mortgage holder to evict 3rd parties in the event of a default. I recently had the same thing - my bf and sister both had to sign to say they acknowledged that I had granted a mortgage over their home and if I defaulted on my loan they would have to leave.

shortchanged_2

Holly Hobby you can probably answer this.

Out of curiosity what happens to this if they become married? Is this disclaimer then void?

holly_hobby

shortchanged wrote: »

Holly Hobby you can probably answer this.

Out of curiosity what happens to this if they become married? Is this disclaimer then void?

In a word no.

Marital/civil partnership status is irrelevant - if you are over the age of 17 and not a mortgagor - you have to sign the consent.

Hope this helps

Holly

Popsicle64

Many thanks for all your responses.

I now feel greatly reassured and will now get him to sign!

ab7167

I had to sign one when I was over 17 and still living with my Mum when she remortgaged. I think the letter I got told me I should seek independent legal advice, but I don't remember doing this!

kingstreet

Been a few years since I did this, but IIRC without consent to mortgage, the lender is unable to apply the terms against a non-borrower occupier as an implied tenancy would be created in the event of repossession.

Consent to Mortgage form by Occupier

This is a form used when a Buyer is buying a property in his or her own name but where, on completion, there will be a non-owning occupier also living at the property. It is only required where the Buyer is having a mortgage. The effect of the form is that the occupier is agreeing and accepting that, if the Buyer does not pay the mortgage and, as a result, is evicted from the property by the mortgage company through repossession proceedings, then the occupier also must simultaneously leave the property.

holly_hobby

kingstreet wrote: »

Been a few years since I did this, but IIRC without consent to mortgage, the lender is unable to apply the terms against a non-borrower occupier as an implied tenancy would be created in the event of repossession.

Spot on Kings ..

H