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Single mortgage applicant/joint names on property
zukibear
Posts: 72 Forumite
Can anyone tell me why it's a problem to have a 'sole' name on a mortgage application but have joint names on the property deeds please?
I was made redundant whilst trying to sell our house (of 18 years) when we got an offer, our mortgage broker was totally aware of our situation however our first joint application was declined by natwest; reason given it didnt pass their 1 in 10 audit.
So our broker suggested only put it in my partners name and we got an offer from nationwide. We are really close to exchanging and now we have been told that the lenders might not like the property being in joint names.....I don't understand why and is there anything we can do??
Appreciate any advice thank you.
I was made redundant whilst trying to sell our house (of 18 years) when we got an offer, our mortgage broker was totally aware of our situation however our first joint application was declined by natwest; reason given it didnt pass their 1 in 10 audit.
So our broker suggested only put it in my partners name and we got an offer from nationwide. We are really close to exchanging and now we have been told that the lenders might not like the property being in joint names.....I don't understand why and is there anything we can do??
Appreciate any advice thank you.
When you get to the end of your tether, tie a knot and hang on.
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Comments
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You can't register a property in joint names and only have 1 person on the mortgage. If you defaulted on the mortgage and the lender wanted to repossess they won't be able to because a second person is on the deeds.
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As above, you can't secure a loan on something that you don't fully own!0
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That makes sense, so I guess there is no way round this except to get both names on the mortgage.When you get to the end of your tether, tie a knot and hang on.0
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Our solicitor thought there was some sort of form we could sign letting us do this, does anyone know if such a 'form' exists?When you get to the end of your tether, tie a knot and hang on.0
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You could have one name on the deeds and one name on the mortgage. You would still have an interest in the property.That makes sense, so I guess there is no way round this except to get both names on the mortgage.:footie: Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
sorry to ask but how would my interest be 'expressed' if my name doesnt appear as this maybe something that needs to be done as im sure getting my name added to the mortgage will take too long, with credit searches etc..When you get to the end of your tether, tie a knot and hang on.0
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In my experience Nationwide usually ask people living at the address to sign a disclaimer stating that the non mortgagee has no claim on the property in the event of foreclosure etc..0
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There is a "consentor to mortgage" form, but it doesn't answer the issue here.
This is designed for (eg) adult children living with the owners/mortgagors to enable the lender to repossess without the creation of an implied tenancy for the adult child(ren). The consent has nothing to do with the ownership of the property. This is for occupiers only.
Put simply, lenders don't allow non-borrowers to be party to the property ownership because it would create difficulties for them should they need to repossess.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Marriage helps a lot.sorry to ask but how would my interest be 'expressed' if my name doesnt appear as this maybe something that needs to be done as im sure getting my name added to the mortgage will take too long, with credit searches etc..:footie: Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
It is a matter of lender policy and most lenders want the borrowers and property owners to be the same.
HSBC and a few other more obscure banks will consider this situation where both property owners mortgage the property (and have to accept they will be kicked out if the loan is not paid back) but only one of them owes the money. They will also do it the other way round - one owner - two borrowers.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
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