Remortgage Advice/Joint Ownership

Blox

Hopefully someone may be able to answer the below as we keep finding ourselves returning to square one..

My partner and I jointly own a property alongside my parents which we all reside in. We have a 4 named mortgage with Nationwide, which at the time of buying the property, we were informed all four of us had to be named on the mortgage in order to reflect the Title Deeds (even though the mortgage is paid by my husband and I). The borrowing was worked out against husband’s income alone.

We wish to remortgage and extend the term by 4 years but can’t do this with our current lender due to Nationwide a) now not allowing 4 named persons on a mortgage and b) one of my parents will be beyond the maximum age requirement before the end of the term.

Is it possible for us to only have a mortgage with just mine and my husband’s names on but my parents to still remain on title deeds (or someway they have protection against their share in the property)? There is no gifting involved.

We’ve explored various options of removing them from the title deeds and having a Deed of Trust put in place to protect their interest but Nationwide will not lend if they still have any rights on the property.

Any suggestions would be greatly appreciated as we are literally going around in circles!

kingstreet

Blox wrote: »

Is it possible for us to only have a mortgage with just mine and my husband’s names on but my parents to still remain on title deeds

Only HSBC has the legal charge which can deal with this concept - more owners than borrowers.

It's not available via brokers, so direct only.

foxy-stoat

You cannot be on the Deeds and not on the mortgage or have an interest in the property as the lender cannot reposes the property if needed.

You need to rethink your plan - any reason why you need to add 4 years onto the mortgage term?