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What happens to my mortgage if my girlfriend moves in?
Dozeyjohn
Posts: 4 Newbie
I'm looking for a house and intending to apply for a mortgage. The lenders want to know who's going to be living there? Why does that matter? What happens if I buy the house and later my girlfriend moves in with me? Do I have to tell the lender? And what can they do about it?
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She will just have to sign a form, nothing to worry about.I am a Mortgage AdviserYou 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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They are looking to see if you have any dependants for affordability purposes.
If you tell the truth that you will be living on your own then your girlfriend moves in the next day after completion then you don't have to tell anyone anything. :-)• The rich buy assets.
• The poor only have expenses.
• The middle class buy liabilities they think are assets.
Robert T. Kiyosaki0 -
Many thanks. Anyone less dependant I have yet to meet!
Sign a form in what circumstances, ACG?0 -
Sorry - I mean a form saying what? That she'll get out if they repossess? Presumably you're saying we'd have to tell the lender. Would that be one of the terms of the mortgage document?0
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Sorry - I mean a form saying what? That she'll get out if they repossess? Presumably you're saying we'd have to tell the lender. Would that be one of the terms of the mortgage document?
Basically, yes.
Any adults who are to live in the property who aren't on the mortgage (apart from adult children of the borrower), have to sign a form to say they are aware of the mortgage.
Therefore, in the event of repossession the person who signed couldn't claim they didn't know about the mortgage and refuse to leave.Early retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
Exactly.
You dont have to tell the lender, if you have told them already then just go with it, if you havnt then its your decision.
If they know shes living there before the mortgage completes it will be a term of the offer yes, if they dont then it wont. Either way its not worth worrying about.I am a Mortgage AdviserYou 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 -
Given the fact that a girlfriend/boyfriend has a claim to the house if they can prove that they were paying towards the mortgage, is this an area where the bank are worried or is it just the ability to evict the partner on any potential reposession?0
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A consent to mortgage form is required only if the person is living in the property at the time the mortgage completes.
If they move in afterwards, they are assumed to accept the mortgage terms and would have to vacate to allow the lender to repossess.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 -
Goldiegirl wrote: »Basically, yes.
Any adults who are to live in the property who aren't on the mortgage (apart from adult children of the borrower), have to sign a form to say they are aware of the mortgage.
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For some mortgage, adult children need to sign one, too. My sisters did....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
AFAIK it's anyone aged over 17 who will not be party to the mortgage who is living in the property on the date the mortgage completes.
Can't speak for every lender though, obviously.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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