Applied for single mortgage-joint one requested

padyjoe

Dear Boardsies,

I have applied for my mortgage as a first time buyer, forms filled in, paperwork done, got deposit. I was honest, I applied for a single mortgage because I'm single according to the law but in real life cohabiting for over 3 years (known herself for 7, her wages small, works 15 hours or less per week), so ticked the boxes single and cohabiting and told this to the sales girl in the bank and she has never mentioned it's not a good combo. She rang me today, the lender wants me to take out a joint mortgage. I think she should have told me not to tick the cohabiting box! Why an earth do they want the girlfriend involved? I have the means to get a mortgage, employed full time and I want to have the full responsibility.

davo10

padyjoe wrote: »

Dear Boardsies,

I have applied for my mortgage as a first time buyer, forms filled in, paperwork done, got deposit. I was honest, I applied for a single mortgage because I'm single according to the law but in real life cohabiting for over 3 years (known herself for 7, her wages small, works 15 hours or less per week), so ticked the boxes single and cohabiting and told this to the sales girl in the bank and she has never mentioned it's not a good combo. She rang me today, the lender wants me to take out a joint mortgage. I think she should have told me not to tick the cohabiting box! Why an earth do they want the girlfriend involved? I have the means to get a mortgage, employed full time and I want to have the full responsibility.

Obvious benefit to the bank is that two signatories with two wages would have a better chance of repaying the mortgage than just one.

Also, you may need to get legal advice on whether your partner would have any rights in relation to the property if cohabiting for a long period and you guys broke up in the future, particularly if the mortgage was coming out of a joint account.

Stheno

Do you have children op?

padyjoe

Stheno wrote: »

Do you have children op?

I have none at the moment.

The_Conductor

Padyjoe- under the 2009 Act- while your girlfriend may not be entitled to half the property were the relationship to flounder in future- there have been precedents set- and it is very probable that you would be forced to make a cash settlement to her.

She has rights, whether, or not, you realise it....... The bank realise this- and are simply recognising the situation.

Into The Blue

Are ye just having a bit of fun, or is this her home for life (as ye plan it now)

Into The Blue

As she's your partner, the banks would have to assess any debts/credit cards/dependants she has

witchgirl26

OP - did you say to the bank how long you were cohabiting for? I know from experience (being the non-applicant) that the bank want to know as your partner would have certain rights to a property after 5 years if no children involved. They're probably thinking it would be prudent to take this into account for their sake on the mortgage. I didn't have to go on a joint mortgage as we weren't living together that long at that point so they didn't see it as big a risk.

Maybe have a chat to the bank & see would including your partner bring down the amount you could borrow if her low wage is the only reason that you were going for the mortgage as a single rather than joint.

padyjoe

I might have said something about how long. Doesn't really matter, the application will be delayed at this stage adding one more thing to my misery. Thanks for all the ideas though!

Do your own homework on these things and never listen to off the cuff advise like "that wont matter" from someone in the Bank. You should have said single and living alone not mentioned your gf from the start.

If you want the mortgage on your own you could go to a different bank and apply as they will probably flag you in your current bank if you reapply as a single applicant living alone.

padyjoe

Went in and asked for explanation: conflicting information, ticked cohabiting and no one over 17 years will move in with me. Left with 2 option: get herself involved or amend the paperwork and waive her rights to the property. Yes, I was foolish mention anybody at all wanting a single one, it's down to my inexperience. (But still thinking should have been spotted in the bank before sent to the lenders.) While the 2nd option may sound harsh, our relationship goes far beyond paperwork, we trust each other, if there was anything, everyone would get what they deserve without any argument. Yes, I know would be flagged going with I'm single now bla-bla, lessons learnt!

Mrs OBumble

You do realise that your property will be a family home.

You will not be able to sell without her permission in the future, even if she's not named on the mortgage.

dreamerb

Mrs OBumble wrote: »

You do realise that your property will be a family home.

You will not be able to sell without her permission in the future, even if she's not named on the mortgage.

If they aren't married, that's not the case. The Family Home Protection Act applies only to the home of spouses. There are similar "shared home" protections for civil partners. Cohabiting couples don't have the same rights or the requirement for the non-owning cohabitant to consent to a sale.

padyjoe

No need to worry, I'm a decent one, she's a decent one too, if something there with permission, will be sorted without a hassle.
Don't take me for a mean one, just I'm after a quick approval nothing else.

Mrs OBumble wrote: »

You do realise that your property will be a family home.

You will not be able to sell without her permission in the future, even if she's not named on the mortgage.