Question regarding offer of mortgage loan.

A

Alli

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On our offer of mortgage loan there is a part which talks about:

'Spouses consent to this letter of offer of mortgage Loan under the family home protection act 1976 - to be completed where the property title vests in sole name of the customer'

In lay-man's terms, can anyone tell me what this means?

Thanks.
 
Under the act mentioned where the family home is in the sole name the prior written consent of the other spouse must be obtained prior to any mortgage. the act aimed to prevent a spouse mortggaging the family home without the agreement of the other spouse. Most mortgage documents has a section to be completed either with the consent or the parties confirm it is not the family home
 
Thank you dewdrop.

So, if the mortgage application is in teo people names (husband and wife in our case) then this does not apply to us?
Alli
 
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