Help to Buy ISA for Person Not to Be Named on Mortgage

gbc123

Hi Folks.

Reading the advice on the site, it appears possible to have my wife have a Help to Buy ISA (she has never had a property) and the savings and bonus can be used towards the deposit (house in Scotland) even though she WILL NOT be on the mortgage (will be in my name as a current property owner). Has anyone got real life experience of this situation with the major lenders and has it worked OK or have there been any issues? In reality it's this bit in bold below that I want to make sure will not be a problem.

"You don't need to be named on the mortgage in order to use your bonus, though you must be on the title deed of the property you're buying – and some lenders may require everyone named on the title deed to be named on the mortgage too."

It would obviously help to have the HTB ISA bonus even though she won't be on the mortgage and this all suggests its possible!

Thanks folks.

Gary.

Alexland

I cannot imagine any mortgage lender accepting someone owning an interest in the property and not being named on the mortgage as they would be unable to fully enforce the terms of the mortgage to repossess the property and sell it if one of the owners had not agreed to be bound by the mortgage terms. Although this doesn't happen often it is fundamental to ensuring the loan is secured.

Alex.