What is a non-owning borrower ??

[kojak]

Hi all,

Has anyone heard of a non-owning borrower as regards to a mortgage application ?? My wife and i have been told since we are now married this might be the only way to get a mortgage (self build mortgage) with our circumstances and are in the middle of applying for one this way, my wife applying as normal but me going on the application as a non-owning borrower as i have a house already with a friend of mine which is in negative equity....

If anyone has had any experience with this, or any suggestions/advice it would be greatly appreciated before we fill all the paperwork out is there any other way to do it....??

Worried

Thanks loads...

 

[wbbs]

Never heard it phrased that way but cant see how it would help, parents regularly go on mortgages and not on deeds so are non-owning borrowers but the reason that happens is to use their income to help get mortgage. In your case its the opposite, you're a liability on the mortgage not a help. Keeping you off the deeds makes no difference.