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Mortgage App 'Will anyone else be living in the house?'
weeg
Posts: 1,078 Forumite
What are the consequences/ procedures of ticking 'yes' to this question?
I know if you tick no, you need to sign a notarised document saying so. What happens if the answer is yes?
(FWIW, my partner is buying a flat for us both to live in. My credit rating is terrible and I'm self employed, so adding me to the mortgage would be both impractical and expensive. We've had all the discussions about who pays what/ owns what/ what happens if we split up/ one of us gets hit by a bus etc)
I know if you tick no, you need to sign a notarised document saying so. What happens if the answer is yes?
(FWIW, my partner is buying a flat for us both to live in. My credit rating is terrible and I'm self employed, so adding me to the mortgage would be both impractical and expensive. We've had all the discussions about who pays what/ owns what/ what happens if we split up/ one of us gets hit by a bus etc)
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Comments
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An occupant on completion day is required to sign a consent to mortgage form. They agree to be bound by the mortgage deed. This prevents the creation of an implied tenancy in the event of repossession against the mortgagor.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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I know if you tick no, you need to sign a notarised document saying so.
Not in England/Wales you don't - but I think you may have to in Scotland.
So is the a Scots matter?
Note for administrators again - can we have separate boards for the different jurisdictions so we don't get confusion over law?RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Ah Richard! Ever the optimist!Richard_Webster wrote: »Note for administrators again - can we have separate boards for the different jurisdictions so we don't get confusion over law?
Happy 2014!0 -
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