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naming on mortgage question
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smile86
Posts: 64 Forumite
Hello,
I have been reading through a few posts on here and wanted to try to clarify something.
Is it illegal when getting a mortgage to only apply in one name when two people will be paying it and living there? From what I have read lenders are not keen on it, but is it actually some kind of offence?
Thank you.
I have been reading through a few posts on here and wanted to try to clarify something.
Is it illegal when getting a mortgage to only apply in one name when two people will be paying it and living there? From what I have read lenders are not keen on it, but is it actually some kind of offence?
Thank you.
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Comments
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Hi there,
It is not illegal, some lenders do not accept it and some do..
They will need to consent and sign a couple of forms. They can have no claim on the property though..
Good luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
The party not named on the mortgage and therefore by default the title deeds either, needs to consider their position carefully.0
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.... and their income (contribution towards bills etc) cannot be used to towards the affordability of the mortgage (indeed in some circumstances they might become a dependent for the purpose of that calculation)Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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I believe there may also be some difficulties if the only source of the deposit comes from the person who will not be on the deeds / mortgage (not clear if this is the case in OP's situation).0
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.... absolutely as Yorkie points out as well.
Complete disclosure of the detailed circumstances is really necessary to answer whether it will be possible (again - its not an offence of any sort as long as the circumstances are declared to the lender and the lender agrees)Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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