Letter of Consent and Postponement by Deed

fryderykchopin

This topic has been discussed in the forum earlier but my case is a bit different and I was hoping someone could give some light.

I have been offered a mortgage by HSBC. At the application appointment I was asked if anyone above 17 would be living with me at the property at completion. The answer was no because I will be the only person living immediately after completion.

However I am planning to get married later this year. My solicitor told me that my fiancee should sign a "Letter of Consent and Postponement by Deed", however I am not sure if this is really required since she will not come to live with me at the property immediately. In fact, we need to apply for a marriage visa because she does not even have the legal right to live in the UK at the moment, and once it is hopefully approved and we get married, then she would move in with me. But whether this is going to finally happen is not certain at this moment.

Do I really need to get this letter signed by my fiancee at this moment?

I am also worried that at the application appointment I told HSBC I would be living alone at the property (which was the correct answer to the question they formulated, based on the wording they used for that question) but maybe now this would be considered as a dependant and affect my mortgage offer.

davidmcn

I wouldn't consider your future plans to be relevant to your lender. The mortgage doesn't restrict you from getting married or a spouse moving in later.

roosterpotatoes

Your lender has an interest as to who will be living in your property until the end of your initial term with them so absolutely needs to know who will be residing.  It is all about risk.  If you have told your solicitor that you are planning to get married then your spouse will have a vested interest in anything that you own ie, your house and should sign the letter of consent.  This is to protect the lender and their risk lending you the money for your mortgage. They will communicate directly with your solicitor.

AnotherJoe

roosterpotatoes said:

Your lender has an interest as to who will be living in your property until the end of your initial term with them so absolutely needs to know who will be residing.  It is all about risk.  If you have told your solicitor that you are planning to get married then your spouse will have a vested interest in anything that you own ie, your house and should sign the letter of consent.  This is to protect the lender and their risk lending you the money for your mortgage. They will communicate directly with your solicitor.

Hmm, pity you told the solicitor.

If you hadnt, you'd have been best to keep quiet.

Now, i reluctantly agree with rooster, you'll have to get her to sign.

No biggie I suppose but would have been better to say nothing.

fryderykchopin

roosterpotatoes said:

Your lender has an interest as to who will be living in your property until the end of your initial term with them so absolutely needs to know who will be residing.  It is all about risk.  If you have told your solicitor that you are planning to get married then your spouse will have a vested interest in anything that you own ie, your house and should sign the letter of consent.  This is to protect the lender and their risk lending you the money for your mortgage. They will communicate directly with your solicitor.

I’m wondering whether this could now affect my mortgage offer. I think some lenders consider a partner/spouse who is not in the mortgage as a financial dependant, which obviously was not considered when assessing my application.

Thrugelmir

fryderykchopin said:

roosterpotatoes said:

Your lender has an interest as to who will be living in your property until the end of your initial term with them so absolutely needs to know who will be residing.  It is all about risk.  If you have told your solicitor that you are planning to get married then your spouse will have a vested interest in anything that you own ie, your house and should sign the letter of consent.  This is to protect the lender and their risk lending you the money for your mortgage. They will communicate directly with your solicitor.

I’m wondering whether this could now affect my mortgage offer. I think some lenders consider a partner/spouse who is not in the mortgage as a financial dependant, which obviously was not considered when assessing my application.

Works both ways. Should events unfold and material facts come to light. Then contractual law is on the lenders side. You could also be marked as having submitted a fraudulent mortgage application. Lenders cover all bases in the declaration on the application form you sign and agree to.  

davidmcn

I'm really not aware of any expectation that a borrower is meant to speculate about their partner moving in some time after completion of the mortgage, or what their future financial position might be. Citations to the contrary will be perused with interest. 

fryderykchopin

So I phoned this morning my mortgage manager and they said there is no impact on my mortgage application/offer and it is all fine as long as my partner signs the letter of consent (just in case this could be of help to anyone).