Crying & confused about mortgage and occupants

jellybaby21

I currently jointly own and am on the mortgage for our house. We have sold our house and my husband has been accepted as having a mortgage in just his name. Can I live in our new house too without being on the mortgage, or do I need to go and live with my Mum?

Samwaydors

Hi

It is perfectly okay for you to live in the property. All you will have to do is sign a legal document (not sure what it is called) to say that if your Husband defaults on the mortgage and the house get repossessed then you will vacate the property too.

jellybaby21

Thank you so much for your reply. I've been given the impression that if my husband says I will be living at the property too then I have to go on the mortgage?

holly_hobby

Yes its fine if your husband declares your residence - you'll have to sign a consent to vacate disclaimer, which as noted above, essentially means that you have no residency rights in the event of a possession order.

Hope this helps

Holly

gazter

Out of interest, is there ever a situation in which a bank will call a loan in because an adult lives there who was not originally on the mortgage? I can understand they can be very thorough through the application process, but after that, unless you are letting the place out (and cheating them out of a commercial rate), I find it hard to see what kind of penalty that would be realistically imposed.

ethank

I have had my other half live with me for 8 years! Mortgage in my sole name. Don't worry!

Yorkie1

gazter wrote: »

Out of interest, is there ever a situation in which a bank will call a loan in because an adult lives there who was not originally on the mortgage? I can understand they can be very thorough through the application process, but after that, unless you are letting the place out (and cheating them out of a commercial rate), I find it hard to see what kind of penalty that would be realistically imposed.

No. The document is not about who can live there during the mortgage. It's solely about ensuring that the lender can otherwise repossess without a resident claiming an interest in the property (and thereby preventing the repossession).

gazter

Yorkie1 wrote: »

No. The document is not about who can live there during the mortgage. It's solely about ensuring that the lender can otherwise repossess without a resident claiming an interest in the property (and thereby preventing the repossession).

I understand its purpose. And re-reading my original point, I am referring to informing them about who lives there rather than on the mortgage (oops) The question is, is it *ever* enforced. If not, why would anyone ever bother to inform them?

Yorkie1

I'm still not understanding you. There isn't an obligation in the mortgage T&Cs to tell the lender about anyone who moves in during the mortgage (unless specifically required, such as a lodger).

Edit: or do you mean informing them at the point of taking out the mortgage? If so, and it's part of the application forms, then I guess it could be mortgage fraud.

System

ethank wrote: »

I have had my other half live with me for 8 years! Mortgage in my sole name. Don't worry!

Ours is in my oh's name only and we have been married 20 yrs .it never occurred to us that it was anyone's business but ours.