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names on mortgage advice
aremery5
Posts: 5 Forumite
Last summer my partner and I bought a house in cash 75:25 split. My partners 75% was a loan from his parents as his own house was otm and didn't sell until last month.
He is getting a mortgage so he can pay his parents back the money.
His name only on the mortgage with nationwide. He says he has to effectively buy me out in order to get the mortgage. I've now got my 25% sat in my bank. So now my name isn't on the deeds. He says I need to sign some paperwork as the occupier of the house.
I'm not 100% with this. It does t really make any sense to me at all. I know some lenders can be very specific with terms et but I've only ever seen things about sub-letting etc.
Can someone put my mind at ease please?
He is getting a mortgage so he can pay his parents back the money.
His name only on the mortgage with nationwide. He says he has to effectively buy me out in order to get the mortgage. I've now got my 25% sat in my bank. So now my name isn't on the deeds. He says I need to sign some paperwork as the occupier of the house.
I'm not 100% with this. It does t really make any sense to me at all. I know some lenders can be very specific with terms et but I've only ever seen things about sub-letting etc.
Can someone put my mind at ease please?
0
Comments
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Who is paying the mortgage?
If his house has now sold why the need for a mortgage?0 -
Is it not possible to get a joint mortgage? Then you'd feel happier about things.
Is your partner getting mortgagd in his name only and going to pay mortgage by himself, without any assistance from you?
If you go down the route of mortgagd being just in your partners name then you will be requested to sign a form stating you will not remain in the property if your partner defaults on the mortgage and the mortgage company have to repossess the property.
It will be a condition of the mortgage.
If you are not happy to do this you should get some legal adviceCurrent Mortgage 01.10.17 £113,513.88
MFW Start Mortgage: £114,794.64
Current MED: 2036:eek: Target MED: 2026
Overpayment Target for remainder of 2017: £2,000
Mortgage overpayment savings: £684.80
MFW No 124 :money:0 -
It's his name only and need the mortgage to pay his 75% back to his parents. He had a mortgage on his old house and we needed to buy quick.
My concern is that my name is now not on the deeds for the property. This makes no sense to me.0 -
At this time I can't get on the mortgage as I have a poor credit history.
If this is a normal thing to do then that's ok with me0 -
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