people on the Mortgage and Deeds

kaybu · 25 May 2023 at 5:54PM

Hi,
My wife and I are named on the mortgage of our property. My mother also lives with us, and she is named on the deeds, but not on the mortgage. This arrangement was set up when we three moved in together 8 years ago, to give my mother security should anything happen to both my wife and I.
We are now looking to remortgage, but given three names on the deeds but only two of them paying the mortgage, it limits our choice of mortgage lender. At the moment we are with Handlesbanken, who have provided for us for 8 years, but would like to have more options rather than being at their mercy.
Has anyone else experience of a similar arrangement, or know of other lenders who would agree to lend to us under these circumstances?

Many thanks,
KIeren

K_S · 25 May 2023 at 6:09PM

@kaybu Anecdotally, I've heard that FirstDirect and HSBC direct (not through a broker) will consider, however this is a few years old so no idea if it's still the case. Not sure if they'll be ok with 3 applicants though.

The easier route might be to put your mum on the mortgage with a lender that will allow 3 applicants and disregard the age of no-income applicants and has a high enough maximum age at end of term to meet your requirements.

FD and HSBC should beat Handelsbanken on rates, the second route may or may not, will depend on which lender works.

I'd try out the first option direct, then speak to a broker about the second route.

Alternatively, there might be some legal way to provide her the same assurance without being on the deeds itself, might be worth speaking to a solicitor and assessing your options on that front.

If you do speak to FD and HSBC direct, do come back and update the thread as this is a question that comes up often so it would be good to have a recent update.

kaybu said:

Hi,
My wife and I are named on the mortgage of our property. My mother also lives with us, and she is named on the deeds, but not on the mortgage. This arrangement was set up when we three moved in together 8 years ago, to give my mother security should anything happen to both my wife and I.
We are now looking to remortgage, but given three names on the deeds but only two of them paying the mortgage, it limits our choice of mortgage lender. At the moment we are with Handlesbanken, who have provided for us for 8 years, but would like to have more options rather than being at their mercy.
Has anyone else experience of a similar arrangement, or know of other lenders who would agree to lend to us under these circumstances?

Many thanks,
KIeren