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Absurd!!

Just wanting too see if anyone else has been in this situation.
My husband and I are looking to downsize,we have a mortgage with the Yorkshire.
I rang the Yorkshire for an idea of how much we could borrow before looking at properties.
They came up with what I thought was a low amount but it transpired that this was due to the fact they had classed my 27yr old son as a dependent as he would not be named on the mortgage.
He is in full time work,I thought children under 18 were classed as dependents and children over 18 if in full time education.
This just seems absurd and I now have no idea what to do about it.
He is still at home saving for his own mortgage and isn't in the position to buy just yet.

Comments

  • ACG
    ACG Posts: 24,709 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Is your son financially dependent on you?
    Does he receive an income of any sort?
    I am a Mortgage Adviser
    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.
  • Goldiegirl
    Goldiegirl Posts: 8,806 Forumite
    Part of the Furniture 1,000 Posts Rampant Recycler Hung up my suit!
    1hawkey wrote: »
    This just seems absurd and I now have no idea what to do about it.
    .

    There's plenty of fish in the sea - go to a different lender. You don't have to stick with Yorkshire
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
  • kingstreet
    kingstreet Posts: 39,335 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I take it it's the building society, not the bank?

    It sounds like a YBS hard to understand position!
    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.
  • Thank for the replies .
    Yes it is the YBS.
    No he is not financially dependent on us he is in full time work and has been since he was 18,plus he pays us keep so he contributes to our income, not that i would expect them to take that into consideration.
    I will try other lenders just hope they don't all take the same stance
  • squeeks
    squeeks Posts: 309 Forumite
    I think it is the MMR rules. They seem to classify any adult living in the property as a dependant unless they are on the mortgage.
  • betmunch
    betmunch Posts: 3,126 Forumite
    Its not the MMR rules. Its specific to this lender, they ask the adults and children in the household rather than the dependents, then they base their lending on that.
    I am a Mortgage Adviser
    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.
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