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Should Named Parties Receive Mortgage Statements?
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Outsider_83
Posts: 166 Forumite
This is more to advise a friend than anything else. Basically he owns 90% on a Buy to Let property which I have a 10% share in. For the sake of simplicity we bought the house for £100k and I paid my £10k immediately. I was aware my friend would be matching my contribution with the rest going on a mortgage. Whilst my name also went on the mortgage as an interested party, I have no further dealings with the mortgage.
Today however, a statement has came out to me with my name within the address bar, it has the full breakdown of the mortgage particulars for the past year, advising of one default that was paid and several substantial overpayments. I feel a bit uncomfortable having received this document as it was not applicable to me at all and has very private details relating to my fried.
Does this sound right and should I receive this type of information?
Today however, a statement has came out to me with my name within the address bar, it has the full breakdown of the mortgage particulars for the past year, advising of one default that was paid and several substantial overpayments. I feel a bit uncomfortable having received this document as it was not applicable to me at all and has very private details relating to my fried.
Does this sound right and should I receive this type of information?
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Comments
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Do you have separate correspondence addresses?
Sounds like its a joint mortgage...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 advice0 -
Yes. You are jointly and severally liable for 100% of the mortgage.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
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I knew about being fully liable. However I did not expect to be see this much information.
We have separate addresses etc, I guess you live and learn.0 -
If it's a joint account then it's your account, so you're entitled to know about all transactions on it.Outsider_83 wrote: »I knew about being fully liable. However I did not expect to be see this much information0 -
Your credit history will be impacted by the conduct of your business partner.0
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Your credit record is also being affected by the missed payments. Have you obtained a credit file lately?Outsider_83 wrote: »I knew about being fully liable. However I did not expect to be see this much information.
We have separate addresses etc, I guess you live and learn.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 -
You Live and Learn?
You have put your financial history in the hands of your friend who has missed payments, and are embarrassed about being updated on the damage being done to your credit file?
You should get a grip of this situation or get out of it.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
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