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Buying query: Two names on deed one on mortgage
Gezz3h
Posts: 3 Newbie
Hi all,
I'm looking to buy a house with my partner (first-time buyers) but due to a historic credit issue - only one of us qualifies for mortgage lending.
I was wondering if it was possible to have two names on the deed/title for the property if only one name is on the mortgage.
I've had conflicting advice on this and looking online turns up nothing concrete so any help is much appreciated.
Thanks in advance! :money:
I'm looking to buy a house with my partner (first-time buyers) but due to a historic credit issue - only one of us qualifies for mortgage lending.
I was wondering if it was possible to have two names on the deed/title for the property if only one name is on the mortgage.
I've had conflicting advice on this and looking online turns up nothing concrete so any help is much appreciated.
Thanks in advance! :money:
0
Comments
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It's rare that a mortgage company will allow someone on the deeds who isn't on the mortgage. I think it's because they don't want someone having a claim on the property should they need to reposses it.Don't listen to me, I'm no expert!0
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AFAIK there is no lender that will allow a property to be owned by more people than are named on the mortgage. I've known of lenders allowing more mortgage borrowers than owners and I've known lenders accept changes to ownership in divorce situations.
Someone once said there was a lender who would accept such an arrangement, but he never clarified who it was and I subscribed to the thread and he's never been back to it again.
https://forums.moneysavingexpert.com/discussion/3818279
IMHO after 28 years of doing this job, it cannot be done. I'm happy to be corrected but I want evidence if anyone wants to do so...I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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