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joint mortgage not living together
marksct
Posts: 9 Forumite
Does anyone know of any lenders that will provide a joint mortgage where only one of the people named on the mortgage will be living in the property?
Thanks
Thanks
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Comments
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Why do you ask?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
I would hazard a guess that it's because the OP wants to buy a property with somebody else and only one of them is going to live in the property:)0
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I would hazard a guess that it's because the OP wants to buy a property with somebody else and only one of them is going to live in the property:)
Oddly enough, that is exactly correct!
To be more precise, my mum would like to help me buy a flat, and thankfully she will not be living with me in it
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You're possibly looking for a Parent Mortgage/Guarantor Mortgage - the search term Guarantor Mortgage brought up some comparison for them, although it's not a simple "Enter the amounts" search.
That's about all I know about them, but they do exist: the idea is similar to having a guarantor while renting: the loan is taken out in your name, but someone in a better financial situation guarantees the payment if you can't/don't pay it.
They usually have to be a home-owner, and they have to be able to afford your mortgage as if it was their own, but they don't have to live in the property with you.
It's still your mortgage, although there's also nothing to stop your mum giving you money regularly towards it as well as guaranteeing the payments."You did not pull yourself up by your bootstraps. You were lucky enough to come of age at a time when housing was cheap, welfare was generous, and inflation was high enough to wipe out any debts you acquired. I’m pleased for you, but please stop being so unbearably smug about it."0 -
Thanks - I have looked at guarantor mortgages, and whilst a possibility a straight forward joint application would work better in our situation, hence the question. However, it appears that many banks will not do a joint mortgage where one person won't be living in the property. Seems to be a 'computer-says-no' situation...
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