Mortgage Condition

polar182

Incorrect info

Thrugelmir

Then the question why is the mortgage in your name only?

holly_hobby

You have stated that you told the lender you will be repaying any credit agreements in your name (which I would wager the lender will interpret to include any joint arrangements) as part of the application process - so the lender will assess your affordability upon this basis.

If repayment of financial commitments, are listed as a noted condition of your mortgage offer (i.e which means the lender does not think you can support the mge whilst they remain in existance) - then yes you do have to pay them off - and usually by/on completion or the lender may give you a date that they want proof of redemption by.

The lender may ask the Solicitor for verification, they may later check themselves or may not check at all.

If they do and you have not repaid the noted commitments - you will be in breach of your mortgage terms & conditions (with possible ramifications as far reaching as the lender insisting you redeem your borrowings with them i.e repay your mge - which means a remortgage to another lender or sale of the property).

If (and I am not saying this is the case) you have no intention of paying them off, don't tell the lender you are - as its lets say "in-accurate" rather than calling it a straight lie, but whichever you call it, it would technically be classed as mge fraud (and just as serious as lying about your income, which in effect you would be - as the lender will have ignored any current monthly finance commitments when assessing your income/affordability).

I don't wish to sound harsh, as that's not the person I am, but you really need to understand that applying for a mge and the info you give a lender should be truthful, accurate and adhered to.

(if you won't be paying them off at completion but within a few weeks of the event, tell the lender then everyone's in the picture)

Hope this helps

Holly