Consent to mortgage

conker2k

Hi all,

I've had an offer accepted on my first house and will be having my 2 sisters (aged 18 and 22) moving out of my parents house and in with me. I did the mortgage application with HSBC the other day and the mortgage advisor asked me will anybody else be living there and I kind of panicked and said no, thinking it might affect my chances of getting the mortgage approved.

Now I've had my initial letter through from the solicitor and it says:

'If as at the date of completion of your purchase/mortgage there will be anyone, a relative or otherwise, who will be living in the property with you, not being one of the named owners, who is aged 17 years or over, he or she will need to sign a Consent to the mortgage on the property. If there is such a person please confirm his/her name and age and we will explain matters further to you at that time.'

From what I've read on here the solicitor will tell me I need to get them to sign that form and get independent legal advice (more money I expect) and to get it witnessed.

Now, if I go back to HSBC and say 'oh actually my sisters will be moving in with me' is that going to look bad and put my application back to square one?

If they were to move in say a week or two after I do, would I still need to declare it? I find it all a bit strange, how do they even police this anyway, what if another adult moved in two years down the line, do you have to get them to sign one of these forms to be 'legal'?

Any advice appreciated!

Thrugelmir

Your mortgage application is safe. So have no concerns.

Nor will your sisters incur legal fees.

All they will be doing by signing the form is waiving any rights or claims over ownership of the property.

conker2k

Thanks Thrugelmir, that's a relief! Will let the mortgage advisor and solicitor know. I actually found some more information about it by searching on here with 'Deed of Consent' which I understand is what it's called.

At what point can I expect to have to get the forms and sign them? Is it after the mortgage is approved but before exchange of contracts?

Thrugelmir

conker2k wrote: »

Thanks Thrugelmir, that's a relief! Will let the mortgage advisor and solicitor know. I actually found some more information about it by searching on here with 'Deed of Consent' which I understand is what it's called.

At what point can I expect to have to get the forms and sign them? Is it after the mortgage is approved but before exchange of contracts?

Your solicitor will arrange completion of the forms. This will certainly be before completion. As this is the point that at which the bank releases the mortgage funds.