Will it make a diff that the morgage is not in my name?

Sorry this is long.

My partner and i got a house for 60000, made the offer it was accepted, got the morgage approved. Have the deposit saved too. I am going on the house deeds, but were advised to go for the morgage as a single applicant as im seen as a dependant as im not working atm, so we did and got approved today.
I have 3500 saved in the credit union - the accounts in my name, i asked the credit union for 9500(for solicitors fees, new furniture etc) They want a copy of the morgage approval which is in my partners name.

Will it make a diff that the morgage is not in my name even though i am going on the deeds? Would they be less inclined to give me the loan if my names not down on the morgage approval?

ive been brilliant with repayment of loans with the credit union, got a loan of 500euro 5 weeks ago to go to england, supposed to be paying back 15 euro a week. I have 144euro left on it.I am over 200euro in credit on it.Would that go in our favour?

Also the morgage is 200euro LESS than what we are paying in rent ATM

Whoever advised you that you could get a mortgage in one name with two names on the deeds of the house is wrong. If you are a joint owner of the property you must also be party to any loan secured on it. Otherwise a lender would have difficulty repossessing the house if you defaulted.

Liam D. Ferguson

LDFerguson said:

Whoever advised you that you could get a mortgage in one name with two names on the deeds of the house is wrong. If you are a joint owner of the property you must also be party to any loan secured on it. Otherwise a lender would have difficulty repossessing the house if you defaulted.

Liam D. Ferguson

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my bank manager told me that

eco said:

my bank manager told me that

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S/he must have some way of protecting the bank's security by making you party to the agreement in some shape or form, perhaps by getting you to sign some form of waiver.

LDFerguson said:

S/he must have some way of protecting the bank's security by making you party to the agreement in some shape or form, perhaps by getting you to sign some form of waiver.

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Possibly a deed of confirmation.

But it's another example of shoddy practice by the banks in securing their debts. The mortgage security fails if the person named in the mortgage dies.

Very surprised that the bank manager gave you this advice. Sounds like they are still moving the goalposts so that loans can be given out. Why not contact MABS or maybe citizens advice to see what they say. Even if you are unemployed then you should be on the mortgage as you are dependent on partner and therefore expense on partner.

Eco what is the relationship with your partner? I ask because we have many people on AAM who have purchased property with a partner where they split up and it caused no end of bother. A cheaper rent/mortgage can cost you a lot more.

What deposit has been saved on the house, I note that you do not have solicitor's fees? Can you do the sums for us?

I don't believe banks allow two people on the deeds and one on the mortgage, why would they.

Actually guys banks do allow this from time to time and I think it'll be more common after Michael Lynn's wife's application to the High Court.

At the end of the day the bank will get full security over the house by way of non-recourse mortgage from the spouse or otherwise. If the bank advances a loan offer to two borrowers jtly and severally but only one borrower is in a position to repay, then in the case of default of the main borrower they risk being the subject of an application similar to the Lynn application. I'm not sure of the final outcome of the application, but in that case Michael Lynn's wife attempted to defend a bank's application for repossession by arguing that they had failed in their duty to her, and should never have advanced the money to her knowing that she could never repay it. The judge felt that the argument had enough merit to allow it to be heard in detail - I never heard the final outcome of it but it went far enough that if I were a bank I would be careful about people in similar circumstances.

In any case loans should be made as accurately as possible. If only one person is capable of repaying they should be the only borrower therefore the loan offer should be in that person's name. The bank can still take full security over the property by way of non-recourse mortgage from the second owner or similar.

Kate.

Kate10 said:

, but in that case Michael Lynn's wife attempted to defend a bank's application for repossession by arguing that they had failed in their duty to her, and should never have advanced the money to her knowing that she could never repay it.

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But in Ireland there would be many stay at home women (in general) who bring up the kids and don't work outside the home for years and technically would never be able to repay the mortgage. This would make a lot of mortgage to them invalid and then banks would stop loaning to couple say where one was making 60K and the other 10K etc. Maybe I'm misunderstanding this. In any case I understood banks now wanted everyone on the deeds and mortgage but I stand corrected.

In relation to Mrs. Lynn's case I don't see the merit of it. There is no equity in the property so what is she to gain? All she would gain is negative equity.

Bronte said:

Eco what is the relationship with your partner? I ask because we have many people on AAM who have purchased property with a partner where they split up and it caused no end of bother. A cheaper rent/mortgage can cost you a lot more.

What deposit has been saved on the house, I note that you do not have solicitor's fees? Can you do the sums for us?

I don't believe banks allow two people on the deeds and one on the mortgage, why would they.

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we are engaged- together 6 years.

the deposit is 4800- we have 3500 saved towards it - solicitor quoted us 1600.

well its what the guy who put our morgage forward told us- i have also spoken to my solicitor who said we can do it.

Im not working but i am getting JSA. But as that cant be accepted as an income on the morgage application im seen as a dependant

hey all i recently got my mortgage of 250,000. my wife to be and i have 3 kids , im am 26 she is 25, i work full time in public sector , i received advice to go alone for mortgage as i would of been refused due to the dependants, even tho she works 25 hours a week and we can afford it, the bank would say diff,
her name will be on the deeds when house is built