Bank want my name on mortgage application, but not on deeds.

helenmo

Background : Separated from husband living in UK for 17 years

My partner of 13 years and I applied for a mortgage and included me in the application.

Ulster refused as husband could possibly divorce me and claim against the property. Fair enough.

But they said we could continue if my partner had the title deeds in HIS name only and we signed a document saying that I would not have my name on title deeds BUT insisted on keeping me on the mortgage. I am a housewife, have no independent means and my partner is the sole breadwinner.

So I am on the mortgage application but am not on the title deeds.

AND, being on the mortgage, I have to have life insurance.

Then I had to have a medical. I am just over 50, weigh 14.5st.

Now am in the situation of waiting to hear if I have been refused or accepted for life insurance cover and am stressing and upset.

It seems wrong that they won't take me off the mortgage app but can never own the property and my fitness determines whether they give us a mortgage.

The legal executive that is handling both the conveyancing and my divorce says banks are a law onto themselves and is basically not seeing this as unreasonable or unfair. Is it just me?

Liam D Ferguson

If you're not married (to your partner) and are not earning an income, then I don't see why your partner can't just get a mortgage on his own.

What height are you? That feeds into whether or not you'd be considered overweight for a life insurance application, as does your general health.

Worst case scenario - if you cannot get life insurance then I think you have a strong argument to either have yourself taken off the mortgage or for Ulster Bank to proceed without life cover as you're not the breadwinner on the application.

helenmo

Thank you for replying. Am 5' 4". Very over weight (but am working on it. Have actually lost some 10 lbs since just before the medical).

Will hear Mon or Tuesday whether the cover is approved or not but am very anxious and it's had me in bits since the medical. Just don't see how this situation can be tenable. Seems unfair and unreasonable to me.

phormium

Bank is seriously going for covering it's ass, they are probably looking to potential future situation should you split up and claim the bank knew it was the family home yet allowed it to be mortgaged by your partner on his own. They are making it simpler for themselves by putting you on the mortgage too. Not being on the deeds is probably protecting you somewhat from any future problems with your ex.

Either way, you will have all the disadvantages of having a mortgage without the benefit of any ownership of the property, not to be gone into lightly!

The life cover is probably not going to be an issue at the end of the day, the bank can allow you sign a waiver if you can't get it, you would fit more than one of their criteria for this waiver if you are refused or loaded.

Liam D Ferguson

At 5' 4" and 14.5 stone, I'd say you're more likely to be loaded (charged an additional premium) than declined for life cover, unless there are health issues.