Mortgage query

Marchbride

Hello
Just wondering does anyone know how this affects an application for mortgage?
My dh bought a duplex approx 12 year ago with a friend. Unfortunately they didn't get along at all so my other half moved out less than a year later. He signed everything over straight away and has no connection to the property since approx 10 yrs.
does this affect our application?
Thanks for advice in advance

chris85

Marchbride wrote: »

Hello
Just wondering does anyone know how this affects an application for mortgage?
My dh bought a duplex approx 12 year ago with a friend. Unfortunately they didn't get along at all so my other half moved out less than a year later. He signed everything over straight away and has no connection to the property since approx 10 yrs.
does this affect our application?
Thanks for advice in advance

What do you mean he signed everything over? If he wanted off the mortgage effectively the other party would have had to get a whole new mortgage and his name would then be taken off the deeds. Was it done like this? If not and he is still on the mortgage agreement then it wont help matter for your mortgage application

Marchbride

chris85 wrote: »

What do you mean he signed everything over? If he wanted off the mortgage effectively the other party would have had to get a whole new mortgage and his name would then be taken off the deeds. Was it done like this? If not and he is still on the mortgage agreement then it wont help matter for your mortgage application

Hi chris
Thank you for replying
Yes you're correct he went in to the bank with his friend and had his name removed from the mortgage and deeds signed over. It was approx ten yr ago. Does it show up on some register that he had a mortgage for few months back then or how does it work? So sorry for Qs, I haven't a clue about any of this!!

chris85

Marchbride wrote: »

Hi chris
Thank you for replying
Yes you're correct he went in to the bank with his friend and had his name removed from the mortgage and deeds signed over. It was approx ten yr ago. Does it show up on some register that he had a mortgage for few months back then or how does it work? So sorry for Qs, I haven't a clue about any of this!!

Ok I guess the friend got a new mortgage to take over the one they had together then. If so then wouldn's show up on any records available except the bank the original mortgage with may still have a record of it.

3DataModem

Marchbride wrote: »

Hi chris
Thank you for replying
Yes you're correct he went in to the bank with his friend and had his name removed from the mortgage and deeds signed over. It was approx ten yr ago. Does it show up on some register that he had a mortgage for few months back then or how does it work? So sorry for Qs, I haven't a clue about any of this!!

This will help - not hinder - the application, as long as no payments were missed.

chris85

3DataModem wrote: »

This will help - not hinder - the application, as long as no payments were missed.

it wont, no record on ICB anymore of payment so bank will not be concerned about it but wont care about how it was serviced.