Question about people who live in house with you

Good_Money

When you apply for a mortgage the bank asks if anyone else will be living in the property but not on the mortgage.

Why do they need to know this and what if initially no one lives with you but later they do?

Mr_Thrifty

In case somebody else has a claim on the property (e.g. a gold digging GF, bitter ex, "friend" who gets nasty and becomes a squatter, etc)

Lovelyjoolz

Or indeed flesh and blood - your own children aged over 17 or any relatives living in the property but not named on the mortgage.

Basically, the lender wants to make sure that, in the event of you defaulting on the mortgage, they will be able to get vacant possession of the place.

Technically, I suppose you should notify them if you have anyone else move in at a later date, but I don't know anyone who has ever telephoned their mortgage company to tell them that aunty Doris will be staying for a few weeks.

kingstreet

Lovelyjoolz wrote: »

Technically, I suppose you should notify them if you have anyone else move in at a later date, but I don't know anyone who has ever telephoned their mortgage company to tell them that aunty Doris will be staying for a few weeks.

Not necessary. Requirement for to consent to mortgage is only necessary at point mortgage is taken out. Beyond that, once mortgage in-situ, any occupant is automatically bound by the terms of the mortgage deed and must vacate if required to do so.