Some questions about getting off a joint mortgage (and rentals!)

gardenia82

I will try and make this brief, but I'd love some advice.
My partner and I want to move in together in the new year. We will be renting. He is currently on a joint mortgage with his mother (for her house) because he agreed to help her out when he was much younger. He wants off this mortgage of course (as far as I am aware, even though he has never paid towards this mortgage, he will not be able to rent because they will take this into account. Is this correct?). His mother ideally wants to remortgage on her own. However it is further complicated because she is a foster carer. She has been told she needs three months clear statements of her work when a child is in the house. Only, many of them have been just shy of the three months. Seems like an impossible cycle and we don't really want to keep waiting over and over when a foster child leaves before the three month wait. Any advice would be much appreciated.

kingstreet

She will need to demonstrate she can afford the mortgage alone, otherwise a transfer of equity won't be permitted.

How will a potential landlord know he is party to a mortgage? I can't see this affecting a rental.

gardenia82

Wouldn't a letting agency see he is on a mortgage agreement when they do the reference check, or is that information not part of public knowledge?

She has always paid the mortgage alone and has never defaulted. How she proves that would be another matter!

looknohands

I don't think it would matter, you're allowed to rent if you can afford it.

All he needs to do is prove is that he earns enough money to make the rent, generally they get a reference from your boss and i think they credit check, but my past two landlords have been private and they just wanted to see a payslip or bank statement showing pay going in.

The fact he isnt paying anything towards the mortgage would be evidenced on his bank statements, that is how he would prove it to a landlord if they questioned it.

gardenia82

Thanks, that's helpful. From what I can tell, there's nowhere on tenancy forms where it asks about mortgages, so presumably he doesn't have to declare this.

nkkingston

No, quite a lot of people have mortgages ad also rent, especially if they've had to move for work and haven't managed to sell their house yet. Letting agents won't be bothered by it. It's more likely to be a problem if you want to buy a house together.

gardenia82

nkkingston wrote: »

No, quite a lot of people have mortgages ad also rent, especially if they've had to move for work and haven't managed to sell their house yet. Letting agents won't be bothered by it. It's more likely to be a problem if you want to buy a house together.

That's what i thought. We won't be in a position to buy for another few years so he's got time to get off the mortgage, thankfully. I appreciate your help!