Right to Buy title deeds

Mummy007

My Son and I are buying our home, I need to go on the Mortgage as the discount is in my name my Son will be paying the Mortgage as he pays the rent it works out a saving of £60 a week ( its a small mortgage ).  My query is the deeds, can they go in 90% my son / 10 % to me as I will be paying nothing, I am concerned that if I  died Hoist Finance would try to get a credit card debt  I owe paid off, by taking the house as  an  assets, forcing my Son to pay the debt or sell our home.  Any help would be appreciated. Thank you

elsien

Are you able to get a mortgage just in your name if you’re carrying a level of debt that you think will mean your son having to sell up? 

p00hsticks

If the mortgage is only in your name then the lender will almost certainly want the property to only be in your name as well.

Mummy007

 I need to go on the Mortgage as the Right to Buy discount is in my name  my Son is on the Mortgage as he lives with me and is the wage earner I am retired. Its credit card debt from 5 and a half years ago,  I am not paying anything to the mortgage its my Son paying everything.

The_Fat_Controller

How do you think you can get a mortgage in your name if you do not have an income to repay it ?

PixelPound

You could have it put on the deeds that you own 10%, but on your death you would need to state in your will who that goes to. The Credit Card company might be able to claim in that from your estate.

https://www.gov.uk/joint-property-ownership

You probably need to get advice though.

However in regards to your concern over forcing your son to sell. At the moment it is unsecured debt. So if you are not paying, they could get a CCJ, then try to get that enforced by a charge on the property. If getting a mortgage you don't want a CCJ, so lets say you are paying the debt but concerned about what happens with the remainder after you die, well that could be a claim on your estate, and that depends on whether part of the house comprises of that.

Of course before all that is getting the mortgage, and how does your debt affect the chances of that.

Mummy007

Thanks nic-c.     That's what I was thinking as  my Son is 100%  paying the mortgage  it's only a small mortgage  and 60 a week cheaper than the rent he's paying now

Mummy007

The_Fat_Controller said:

How do you think you can get a mortgage in your name if you do not have an income to repay it ?

With a right to buy I have to go on the mortgage as the discount,  is in my name, along with my Son who is paying the Mortgage in full I will not be contributing.

FaceHead

So purchase with your son as joint tenants. If you were to die, your half* would pass to him, without any creditor of yours having a claim.

*As joint tenants, you don't have a 'half' each as such - you both fully own the property, so on the death of either of you, the survivor now fully owns the property on their own. 

elsien

Mummy007 said:

The_Fat_Controller said:

How do you think you can get a mortgage in your name if you do not have an income to repay it ?

With a right to buy I have to go on the mortgage as the discount,  is in my name, along with my Son who is paying the Mortgage in full I will not be contributing.

People understand that. What they are saying is, will a bank give you a mortgage in the first place in your own name with the income and debts that you have? Do you meet the affordability criteria?  If the mortgage is solely in your name, then what your son can afford to pay will be academic if it’s not able to be taken into account. 

PixelPound

elsien said:

Mummy007 said:

The_Fat_Controller said:

How do you think you can get a mortgage in your name if you do not have an income to repay it ?

With a right to buy I have to go on the mortgage as the discount,  is in my name, along with my Son who is paying the Mortgage in full I will not be contributing.

People understand that. What they are saying is, will a bank give you a mortgage in the first place in your own name with the income and debts that you have? Do you meet the affordability criteria?  If the mortgage is solely in your name, then what your son can afford to pay will be academic if it’s not able to be taken into account. 

Or don't understand, clearly! It's not a mortgage in sole name, as the OP is there as the deposit equalling the discount. Affordability will be using sons income with OP income as zero. As it's a small mortgage, as stated, then most likely affordability won't be the stumbling block.