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First Direct or HSBC
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Any advise as to whether we should try for a joint mortgage or whether I should apply just in my name?0
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Can I take out the mortgage just in my name when the property is jointly owned by both of us. As HSBC are picky acceptance is probably more likely as my credit history is excellent.0
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Unlikely. Lenders like whoever is party to the property to also be named on the mortgage.0
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You can. HSBC is the only lender which has a charge capable of accommodating this.Can I take out the mortgage just in my name when the property is jointly owned by both of us. As HSBC are picky acceptance is probably more likely as my credit history is excellent.
You may find your chosen solicitor doesn't want to deal with it, or charges more though.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 -
Thanks Kingstreet. Can you expand on what you mean by a charge (up front fee, % increase, etc) Is my best bet to make an appointment in branch to discuss?0
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No, not a fee.Thanks Kingstreet. Can you expand on what you mean by a charge (up front fee, % increase, etc) Is my best bet to make an appointment in branch to discuss?
I'm talking about the legal charge which secures the loan to the property. It has to be written in a different way for it to be enforced against an owner of a property who isn't a party to the mortgage.
Otherwise the lender wouldn't be able to repossess the property in the event of default.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 -
OK thanks for that. Just spoke to Aldermore and the rate will go up by 1% when the fix term comes to and end at the end of September. Making the monthly payments £634 compared to £448 with HSBC. We will be selling the property next year hopefully in June. So 9 months with that differential would be £1674. Even with the solicitors fee it's got to be worth doing.0
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