Q&A: We are moving in and part purchasing a house – why cant we get a mortgage? Advice really needed pls!?
Question by : We are moving in and part purchasing a house – why cant we get a mortgage? Advice really needed pls!?
my partner and i are moving in with his parents (or hoping too!).we both need to sell our houses, ours is currently under mortgage. The house we are buying is worth £450,000. His parents are putting in 300k in cash and we are getting a mortgage for the 150k. neither of us can afford to do it without the other. we have been told mortgage is no problem as long as it is only in our name but to get the house in both names we need his parents to be on it. doing it this way means we cannot get a mortgage due to his parents age (or we can but only over 10 years which is out of the question). surely this is crazy? the house is worth 3 times the amount we want to borrow! Any advice?
Best answer:
Answer by mountainriley
Short answer. You need a reality lawyer.
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Short Term Cash Advice
If you were delinquent in your payments, the bank (or whomever the loan is with) could take over the house if it was in your name…but…if you did not make your payments and your in-law’s names are on the house, the bank could not come in and take over the house. They need to know there is collateral they can clearly collect on…otherwise it would be like they are giving you money free and clear. The only other way to do this would be for the in-laws to co-sign your loan, or have them buy the house and you arrange a private mortgage with them.