Does joint mortgage mean you must have joint ownership?

Kevie192

The best way to keep yourself (and your lender, and whoever the poor person is trying to 'help' you) safe is by not overstretching yourself with an unaffordable mortgage and buy within the realms of what you actually CAN afford.

louisck

I can afford it. Its not an issue of affordability. Its an issue of proving that I can afford it. Affordability is not an issue.

I am only asking how I can stop the other person from changing their mind and refusing to give me the other 50% later on...

kingstreet

"Joint borrower, sole proprietor" is just another way of saying guarantor mortgage.

There are a couple of lenders who will do this.

The bulk of the lending market wants joint borrower, joint proprietors.

One lender will allow more owners than borrowers.

marliepanda

louisck wrote: »

I can afford it. Its not an issue of affordability. Its an issue of proving that I can afford it. Affordability is not an issue.

I am only asking how I can stop the other person from changing their mind and refusing to give me the other 50% later on...

And what happens if you stop paying the mortgage, lose your job? They can chase them for the mortgage.

What protection is there for this kind person letting you use their salary to boost your lending potential...

louisck

so 99% mine and 1% theirs is not a good option?

To those worried about what might happen in the future, please note that any future scenario is irrelevant to the question asked. What might happen, we will see. I am asking a specific question requiring a specific answer.

This is going to happen. We already have the agreement in principle and have bought the house. So any worries are mine, not anyone else's.

I asked a specific question of how I can ensure that the house ends up being mine fully in the end. That is the only question I want answered please. No side issues and ideas. Thank you.

I thought 99% mine and 1% theirs would be a good way to ensure I will have the full ownership in the end...?

marliepanda

You are the one who brought up future scenarios... so how is it irrelevant? Or do you want to pick and choose which future scenarios are relevant to your own interests?

If you've already bought the house isn't this a bit too late?

itchyfeet123

louisck wrote: »

I can afford it. Its not an issue of affordability. Its an issue of proving that I can afford it. Affordability is not an issue.

I am only asking how I can stop the other person from changing their mind and refusing to give me the other 50% later on...

The other 50% of what? Money they've promised you? Ownership in the property? I don't think I understand what your plan is and what you are trying to prevent. Here's what I *think* the situation is; please correct anything I've gotten wrong:

You have found a property to buy.
You do not pass the bank's criteria to get a mortgage by yourself.
Your friend/mother/partner/whatever is willing to put his/her name on the mortgage, and together you pass all the affordability checks.
The agreement you have with your friend is either: 1) you are paying everything yourself and they're just helping you satisfy the bank or 2) their contribution to the mortgage is a gift; and they have no ownership of the house.
You are concerned that if the bank insists your mortgage partner is also part owner, you won't be able to hold this person to their agreement above.

louisck

itchyfeet123 wrote: »

The other 50% of what? Money they've promised you? Ownership in the property? I don't think I understand what your plan is and what you are trying to prevent. Here's what I *think* the situation is; please correct anything I've gotten wrong:

You have found a property to buy.
You do not pass the bank's criteria to get a mortgage by yourself.
Your friend/mother/partner/whatever is willing to put his/her name on the mortgage, and together you pass all the affordability checks.
The agreement you have with your friend is either: 1) you are paying everything yourself and they're just helping you satisfy the bank or 2) their contribution to the mortgage is a gift; and they have no ownership of the house.
You are concerned that if the bank insists your mortgage partner is also part owner, you won't be able to hold this person to their agreement above.

Yes exactly. That is exactly the scenario. I just want to know how I can ensure the house will end up being 100% mine in the future. The person has promised me they will give up their 50% ownership and make me the sole 100% owner. I just want to protect myself and ensure that even if they change their mind, I will end up having 100% of the house.

louisck

marliepanda wrote: »

You are the one who brought up future scenarios... so how is it irrelevant? Or do you want to pick and choose which future scenarios are relevant to your own interests?

If you've already bought the house isn't this a bit too late?

I only brought up the future scenario of the other person changing their mind. Nothing to do with whether I can afford to pay the mortgage back.

And I have bought the house because its the only way I could and I have no choice.

Thrugelmir

louisck wrote: »

I can afford it. Its not an issue of affordability. Its an issue of proving that I can afford it. Affordability is not an issue.

I suspect your definition of affordability is not the same as lenders. Borrowers by nature being overly optimistic about their personal finances. Whereas lenders are pessimistic and are appraising the likelihood of you not suffering financial distress over a much longer time span. Given that mortgages run for terms of 25-40 years.