Remartgage - notify older children

Tiger58

It has been sometime since I remortgaged but was very surprised when the Britannia said that to complete my new mortgage I would have to notify my son (over 18) that the house was mortgaged! I have never heard of this before and when I questioned it I was told it was a legal requirement. What??? Apparently he has occupation rights and hence needs to be notified of the mortgage.
I find this very hard to believe - anyone else come across this?

Wh05apk

I think someone at Britannia is getting confused here, any residents over 17 living in the property but not on the mortgage, will have to sign a waiver to say thay they have no rights over the property, basically so that if you were repossessed, they couldn't make a claim over the property, preventing the lender getting their money back.

betmunch

Its quite normal, except in the way it has been explained to you. Wh05apk said it much more betterer!!!

kingstreet

Yep. I'm with the other two.

Anyone aged over 17 living in the property at the point a mortgage is taken is required to sign what's known as a consentor form to confirm they agree to be bound by the terms of the mortgage and that they relinquish any right to claim an implied tenancy in the event of repossession being required.

Some lenders do get a bit anal and demand the form be signed in the presence of a third party solicitor so the recipient can take independent legal advice if needed.

Wh05apk

:rotfl:

betmunch wrote: »

Its quite normal, except in the way it has been explained to you. Wh05apk said it much more betterer!!!

Betterer, word of the day, have to remember that one!!:rotfl:

betmunch

I use More Betterer all the time. I also tell people I am good at "the grammar"

Wh05apk

People who use wrong grammar really annoy me, don't you know its "much betterer"? not "more betterer"

betmunch

its much more betterer, and you only just learnded the word so you cant be correcting people!!!

Tiger58

Thanks. I understand much betterer now!

Wh05apk

Tiger58 wrote: »

Thanks. I understand much betterer now!

Thankyou, see Betmunch, it's much betterer!;):j

mysk_girl

I was living in my Mum's house at the time she remortgaged and I had to sign to say that I would leave if requested to do so by the mortgage company (I was 19 at the time). I can't imagine that you would need to ask people who didn't live there? Mum remortgaged last year and I'm pretty sure that at 32, married and with a (mortgaged) house and kids of my own I wasn't asked to consent!

I was also advised that I should take independent legal advice. Mum said that I could if I wanted, but there was also the option of moving out... I signed the form!