Morgage

[Jade_2012]

Has anyone got a morgage but on some benefits? For example partner works full time but you dont etc

Or is this impossible!

 

[topsy]

When we remortgaged I was on maternity leave ( and pay MA as I didn't qualify for SMP) but hubby was working full time, but I cant remember if they took my normal pay or my maternity pay. Sorry.

Good luck.

 

[mammy2oaklen]

I don't work but don't get benefits and we got a better mortgage deal in sole name of my partner than as a joint mortgage

 

[tallybee]

I have a mortgage and get tax credits. Apparently some mortgage companies but not others will count them as income.

 

[R_x]

Probably depends which benefits. I mean if he got a few more hours etc some might be stopped? X

 

[Princess Lou]

My Aunt was on benefits when she got her mortgage but that was 15 years ago.

I would start off by speaking to your bank and finding out their criteria.

 

[mummylove]

I wouldnt risk it in case the benefits get stopped and u dont have enough for it

 

[Hopipolla]

I work in mortgages and at the bank I work, benefits are not classed as income. A sole application may be better. Some lenders will let you have sole borrowing but joint deeds, so you're both named as owners.

 

[R_x]

I work in mortgages and at the bank I work, benefits are not classed as income. A sole application may be better. Some lenders will let you have sole borrowing but joint deeds, so you're both named as owners.

I work part time, do you think we would get a better deal in just hubbys name? Sorry to butt in on thread

 

[Hopipolla]

I work in mortgages and at the bank I work, benefits are not classed as income. A sole application may be better. Some lenders will let you have sole borrowing but joint deeds, so you're both named as owners.

I work part time, do you think we would get a better deal in just hubbys name? Sorry to butt in on thread

I would think it's worth trying for a joint application. They ususlly take all income into consideration ( except benefits) If one party has a bad credit rating then that's when it's usually sole but if you're both fine, then I'd try for a joint.

 

[Mummytobe85]

My dh is a sole mortgage owner as at the time I was job hunting but I also agree that benefits arent classed as an income x

 

[Redfraggle]

I work in mortgages and at the bank I work, benefits are not classed as income. A sole application may be better. Some lenders will let you have sole borrowing but joint deeds, so you're both named as owners.

Land Registry (in England and Wales) will not let you both be registered as owners if only one party is on the mortgage. (you can both be on the mortgage but only one person registered on the deeds however!)

 

[Hopipolla]

I work in mortgages and at the bank I work, benefits are not classed as income. A sole application may be better. Some lenders will let you have sole borrowing but joint deeds, so you're both named as owners.

Land Registry (in England and Wales) will not let you both be registered as owners if only one party is on the mortgage. (you can both be on the mortgage but only one person registered on the deeds however!)

I work for one of the major lenders and we do this all the time. It's called an indirect charge or A2

 

[Redfraggle]

I work in mortgages and at the bank I work, benefits are not classed as income. A sole application may be better. Some lenders will let you have sole borrowing but joint deeds, so you're both named as owners.

Land Registry (in England and Wales) will not let you both be registered as owners if only one party is on the mortgage. (you can both be on the mortgage but only one person registered on the deeds however!)

I work for one of the major lenders and we do this all the time. It's called an indirect charge or A2

I'll have to check which law it is tomorrow but they can't be registered as a legal charge without the signatures of all the owners. Otherwise one person could be mortgaging the house without the knowledge of the other one!!

 

[Hopipolla]

I work in mortgages and at the bank I work, benefits are not classed as income. A sole application may be better. Some lenders will let you have sole borrowing but joint deeds, so you're both named as owners.

Land Registry (in England and Wales) will not let you both be registered as owners if only one party is on the mortgage. (you can both be on the mortgage but only one person registered on the deeds however!)

I work for one of the major lenders and we do this all the time. It's called an indirect charge or A2

I'll have to check which law it is tomorrow but they can't be registered as a legal charge without the signatures of all the owners. Otherwise one person could be mortgaging the house without the knowledge of the other one!!

The person not named on the borrowing is required to have independent legal advise to say they understand the implications. The still obviously, sign a charge form. Also if further secured lending is requested, further ILA is required.

 

[Redfraggle]

I work in mortgages and at the bank I work, benefits are not classed as income. A sole application may be better. Some lenders will let you have sole borrowing but joint deeds, so you're both named as owners.

Land Registry (in England and Wales) will not let you both be registered as owners if only one party is on the mortgage. (you can both be on the mortgage but only one person registered on the deeds however!)

I work for one of the major lenders and we do this all the time. It's called an indirect charge or A2

I'll have to check which law it is tomorrow but they can't be registered as a legal charge without the signatures of all the owners. Otherwise one person could be mortgaging the house without the knowledge of the other one!!

The person not named on the borrowing is required to have independent legal advise to say they understand the implications. The still obviously, sign a charge form. Also if further secured lending is requested, further ILA is required.

So they are all parties on the charge deed then!!

 

[Hopipolla]

I work in mortgages and at the bank I work, benefits are not classed as income. A sole application may be better. Some lenders will let you have sole borrowing but joint deeds, so you're both named as owners.

Land Registry (in England and Wales) will not let you both be registered as owners if only one party is on the mortgage. (you can both be on the mortgage but only one person registered on the deeds however!)

I work for one of the major lenders and we do this all the time. It's called an indirect charge or A2

I'll have to check which law it is tomorrow but they can't be registered as a legal charge without the signatures of all the owners. Otherwise one person could be mortgaging the house without the knowledge of the other one!!

The person not named on the borrowing is required to have independent legal advise to say they understand the implications. The still obviously, sign a charge form. Also if further secured lending is requested, further ILA is required.

So they are all parties on the charge deed then!!

Yes. If a couple can't get a loan agreed. The borrowing can be in a sole name. The ownership, the deeds can still be joint. Both parties would sign the charge form