Sole mortgage, joint ownership?

CLH82

Info needed please...

To sum up:
1. Financial advisor applied for a joint mortgage for my fiance and I (both of us are earning), who said it was declined (perhaps due to my credit score he said, which I found out through Experian is good, my fiances is excellent). He then applied for a sole mortgage in fiances name, which was accepted. (I later find out no mortgage app has been made against my name through Experian & that my credit score is good enough to get a mortgage! Feel a bit 'done out')

2. We now discover that only my fiances name can be registered with Land Registry because only his name is on the mortgage. Is there any way around this? We have received the title deeds in the post this morning, with only fiances name on. Is it too late at this stage to add my name anywhere?? Can my name be added to the mortgage? Some say my name can be added to the title deeds at a later date at a charge, What is a 'later date'? And how much is the charge?

I've tried to research on the net, but have found such conflicting info. Please help...

Dave_Ham

Ok - would be surprised if the broker would keep you off for no good reason.

Print off your Experian and Equifax records and do some research first. The scores are irrelevant and wholly depends upon the content. You need to be looking for missed payments, defaults and/or ccj's

Subject to not exchanging yet and further to not too much being paid on valuations etc. you are not past the point of no return...

CLH82

Many thanks for your response.

My credit report does show missed payments 13-24 months ago, could this deny my name on a joint mortgage? If so, how come Experian don't have record of a mortgage app made in my name if my credit report is the reason for not being allowed on the mortgage? So confusing!

Is there any way I can be named as joint owner to our house? I have been advised to ask the solicitors to draw up an agreement that states what happens if my fianc! dies, or if we split, would this be any good?

Conrad

CLH82 wrote: »

Is there any way I can be named as joint owner to our house?

You have to apply to the lender to be added to the mortgage, thats the only way.

If you feel the adviser mislead you and did not give you best advice / information, you can make a complaint. They have to respond in writing with a final answer within a couple of weeks or so. If you are still disatisfied, then take the complaint to the Financial Ombudsman Service.

suburbanwifey

CLH82 wrote: »

Many thanks for your response.

My credit report does show missed payments 13-24 months ago, could this deny my name on a joint mortgage? If so, how come Experian don't have record of a mortgage app made in my name if my credit report is the reason for not being allowed on the mortgage? So confusing!

Is there any way I can be named as joint owner to our house? I have been advised to ask the solicitors to draw up an agreement that states what happens if my fianc! dies, or if we split, would this be any good?

You need to get your name on the deeds at all costs, as it stands right now, your fiance will own the house and future equity, him entirely. I wouldn't move into a house owned in that manner, you have no rights at all, its his house, period. See a Solicitor, for the truth, you don't know at this point if your fiance has done this deliberately.

CLH82

How easy is it to change the mortgage from a single applicant to a joint if the mortgage offer has already come through for a single name? Would we have to start the whole process from scratch? Or is it just a case of contacting the lender to add me? (although things are never that simple so I doubt it!)

holly_hobby

Mge lenders require all those named on the deeds to be party to the mortgage (due to possession rights).

Therefore to go onto the deeds you need to be party to the mortgage, but the lender has declined your involvement apparently due to your credit profile (fairly recent late/missed payments).

You would either need to plead your case with them, with explanations they accept as reasonable for late or missing payments (I would have expected your broker to have explored this with the lender, before simply accepting you could not be party - to which I presume they do know you are resident in the property ?).

I do fear though that without seeking a mge with an alternative lender, at this point (due to the recent payment issues) that your addition to the deeds (transfer of equity/TOE) & mge will be a no go if already completed - however in a yr or so, who knows ?

Any TOE will involve legal costs and poss an admin fee from the lender.

At the current point you are, it is imperative that a trust deed is set up, full life cover on your partner for at least the mge amount (with you too if affordable and if your death would affect his affordability of the mge), and that your partner writes a will, leaving the property (and other possessions as he wishes) to you - as without such his estate will be subject to the laws of intestacy, which means all his property i.e your home (money & chattels os of any trust arrangement) will automatically go to any isssue, surviving parents, siblings (if parents are deceased), and down the blood relation chain in ranking order.

SO, if the mge has already, (or sequential) to when it completes, and whilst you are not party to the deeds, this is your most urgent priority - as unfortuantely death is one thing we can't put off .... and although I'm sure his family treasure you, I wouldn't want to find you without a home, or having to buy it off them ! (....sorry to sound morbid, but being young doesn't mean that you're excluded from such events !)

Hope this helps

Holly

The_J

How much of the deposit are you contributing?

CLH82

I am contributing half of our 10% deposit.

Our original joint mortgage app (that was declined) was made with one mortgage company, then our broker told us the following day that he'd managed to get us a sole mortgage (in my fiances name) accepted with a different company, so I don't feel as though he did plead our case for a joint mortgage with the first company. It didn't pose an issue at the time as we thought both our names would go on the deeds, which we now know is not the case. Such a pickle!

Conrad

CLH82 wrote: »

Our original joint mortgage app (that was declined) was made with one mortgage company, then our broker told us the following day that he'd managed to get us a sole mortgage (in my fiances name) accepted with a different company, so I don't feel as though he did plead our case for a joint mortgage with the first company.

!

To be fair to the broker, we have to balance all the risks. Above all clients want the home, thats thier priority, so sometimes we have to use sole name as the least worst course of action.

Having read this last part of yours I think you have no basis to complain.

Your BF needs to contact lender to see if they will be able to add you on and yes your'e right, it is akin to a full apllication because lenders have to act responsibly when adding a person to a big debt, for they know the new applicant is a drunken tramp:p

holly_hobby

Right, it sounds as though he's just put this through on a single name with the new lender. (ie they dont know about the payment blips with you).

Now, you could ask for a jnt application to be considered ... BUT if they decline due to your payment profile, thats it, they then don't usually accept it even on the "good name" if you are to reside in the property. So you stand the risk of it being thrown out .... if its not already completed that is.

So I may let it complete (if it hasn't done so), and then apply for a TOE in a yr or so (once there is a bit more daylight between you and the late payments issue).

In the meantime, life cover, trust deed and wills need to be written.

Re the deposit - revealling that you are contributing half the deposit, but won't be on the mge or deeds is an issue, unless it is put forward as a gift without reservation, again you need to be pretty sure of your partner. To that end, don't disclose unless you are asked (ie let them think its all his savings), as it will hugly complicate matters - although I expect your broker has already discussed this with you.

(bkrs - I don't usually actively encourage such actions in mge apps, but if the lender doesn't ask, or assumes, the deposit is al his, I don't believe it of benefit to rock the boat (albeit the OP will have to separately protect her input .. so don't shoot me !)

Hope this helps

Holly