Offer in Principle but all details are wrong?

DVardysShadow

Okydoky25 wrote: »

Thank you for this. I think our reason and it my decision fully my husband is happy to do whtever is because I am not a FTB where as he is. We enquired about me being on the deeds but a broker advised this would not be allowed as no mortgage provider will let me have an interest in the property which is understandable.

Which broker was that? Unless you have bad credit, you absolutely should be on the deeds and as you are providing some of the money, you do have an interest. The whole idea is outrageous. It always used to be the case that SAHM's went on the mortgage and the deeds as a matter of course.

Brokers: Please comment on this - has something changed that lenders will not allow SAHMs on mortgage and Deeds?

Okydoky25

DVardysShadow wrote: »

Which broker was that? Unless you have bad credit, you absolutely should be on the deeds and as you are providing some of the money, you do have an interest. The whole idea is outrageous. It always used to be the case that SAHM's went on the mortgage and the deeds as a matter of course.

Brokers: Please comment on this - has something changed that lenders will not allow SAHMs on mortgage and Deeds?

Im not being told I'm not allowed on the mortgage it was our choise after going through our options with a broker the 1st time we were buying this property. When the poperty came round again we decided to go it alone as we found a better rate with HSBC. We have given HSBC. Exactly the same information we gave the broker.

Okydoky25

Sorry just thought another reason the broker suggested this way I think is as I have a personal loan in my name. This ends early next year but obv for now my partner pays for this but this way it doesn't need to be declared. (he gives me cash to pay this not DD from his account) sometimes doesn't need to give me anything towards it as I've been having mega clear outs on eBay.

grey_gym_sock

or did the broker mean: no mortgage provider would allow you to be on the deeds unless you are also on the mortgage? but you could be on both.

the personal loan would likely be a negative factor, though i believe some lenders would care less because it ends in less than 12 months.

Okydoky25

grey_gym_sock wrote: »

or did the broker mean: no mortgage provider would allow you to be on the deeds unless you are also on the mortgage? but you could be on both.

the personal loan would likely be a negative factor, though i believe some lenders would care less because it ends in less than 12 months.

The broker said I can't be on the needs without being on the mortgage.

Interesting re loan! I'm thinking if all goes belly up we should just stop looking until next year. My loan will be paid off I could turn the savings account into a joint account. My only worry then tho is that we will have 2 children by then and may mean we can't borrow as much?? It will just be so frustrating as the house is a gem and one we can easy afford. We will actually be paying far less on mortgage payments than rent!

DVardysShadow

Okydoky25 wrote: »

The broker said I can't be on the deeds without being on the mortgage.

Interesting re loan! I'm thinking if all goes belly up we should just stop looking until next year. My loan will be paid off I could turn the savings account into a joint account. My only worry then tho is that we will have 2 children by then and may mean we can't borrow as much?? It will just be so frustrating as the house is a gem and one we can easy afford. We will actually be paying far less on mortgage payments than rent!

The mortgage broker was correct. Insofar as the loan goes, essentially it does count against you for a mortgage. But I think that not going on deeds and mortgage is very mistaken on a number of levels

• It reduces your protection in the event of a break up or premature demise of your OH [we would hope for neither of course]
• It means that you have to effectively sign away your contribution to the house as a gift [although there may be ways around this
• Essentially you are concealing the loan from the lender

And the other thing to think about is that essentially your 'deposit' is in fact a loan. You are getting a pittance in interest on the deposit and paying quite handsomely on the loan. I suggest that you clear the loan from savings right now and see whether this allows an application with both of you on the mortgage. If it does, all well and good, if it does not, you could decide not to buy until you can both go on the deeds and you will be back in the position you are in now in less time than it would take to clear the loan.