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Adding Name to Mortgage Agreement

ian2012
ian2012 Posts: 2 Newbie
in Mortgages & endowments
Hello all,

I currently contribute (monthly) to my parents' mortgage on their house. Would I have any benefit on putting my name on their mortgage deed/agreement ? e.g. Could it help me obtain a mortgage for myself at some point in the future ? Could it also therefore help my credit rating ?

Please let me know your thoughts.
Many Thanks,
Ian

Comments

  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    No it wouldn't. You would have a liability to pay this mortgage whether you lived there or not and that would factor in any affordability calculations. A normal credit card will suffice.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • shop-to-drop
    shop-to-drop Posts: 4,340 Forumite
    No don't do it. It would actually make it more difficult for you to get a mortgage for your own property in the future.
    :j Trytryagain FLYLADY - SAYE £700 each month Premium Bonds £713 Mortgage Was £100,000@20/6/08 now zilch 21/4/15:beer: WTL - 52 (I'll do it 4 MUM)
  • ian2012
    ian2012 Posts: 2 Newbie
    That's fantastic.

    Thanks for the responses.
This discussion has been closed.
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