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Mortgage Help Please, Have Not Been On Deeds For 6 Month Problem???
JOHNSON
Posts: 4 Newbie
Just after a bit of advice please,
I have just been put on the deeds of my fathers property as tenants in common in the form of transfer of equity. In other words if my father was to die I would get full rights to the property. This has only been done last week by our solicitors via a TR1.
Please bare in mind the property is owned outright with no debts. Before the transfer of equity, my father tried to raise £100k on the property which is about 50%ltv, he was refused due to his age as he is over 80.
We decided to transfer it into both of our names, then applying, then found out to our disappointment that no lender will still touch us because he is still on deeds.
Now after agreeing with my father he has agreed to put it in my sole name if need be.
Not sure what to do now, if say i get a offer for a mortgage and accept it will it go through or not as i have not been on the deeds for 6 months. I understand most mortgage lenders will not lend on properties unless they have been owned for at least 6 months. is this the case even if the property is transferred via equity from a family member.
So confused.
Help!!!
I have just been put on the deeds of my fathers property as tenants in common in the form of transfer of equity. In other words if my father was to die I would get full rights to the property. This has only been done last week by our solicitors via a TR1.
Please bare in mind the property is owned outright with no debts. Before the transfer of equity, my father tried to raise £100k on the property which is about 50%ltv, he was refused due to his age as he is over 80.
We decided to transfer it into both of our names, then applying, then found out to our disappointment that no lender will still touch us because he is still on deeds.
Now after agreeing with my father he has agreed to put it in my sole name if need be.
Not sure what to do now, if say i get a offer for a mortgage and accept it will it go through or not as i have not been on the deeds for 6 months. I understand most mortgage lenders will not lend on properties unless they have been owned for at least 6 months. is this the case even if the property is transferred via equity from a family member.
So confused.
Help!!!
0
Comments
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There are one or two lenders who will essentially ignore your dad's age provided that his income isn't required to support the mortgage application. Rather than your dad losing the whole property, would this not be a better option?I am a Mortgage Adviser
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.0
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