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
my bank manager told me that
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.
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., 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.
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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