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Please Help. My Name on Mortgage but not on Title

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  • Please Help. My Name on Mortgage but not on Title

    Please Help Me.

    My story is this, I helped out friends by giving them my permission to include my name in their mortgage. However no Financial assistance was given on my behalf. After 3 years of my name on the Mortgage and the title of Land Registry they are now asking me to sign a TR1 giving them my permission to remove my name from the title of ownership of the property. In the lenders eyes when I apply for my own mortgage would they now class me as a First time or a Second time buyer now that my name has been removed from the title of the Land Registry? I ask this because they told me that because my name has now been removed from the Land Registry I will be considered as a First time buyer. Please clarify this.

    As you may have noticed I am in a dilemma which are linked which each other and I want to make sure I make the right decision for me before I sign any other legal documents

    Has my action of helping out friends hindered my chances of getting a better Mortgage as a First time buyer? If so how?

    I so desperately need answers for the questions above before it jeopardise my chances in the future for applying for a mortgage on my own.

    What pros and cons will I gain from removing my name off the Title of Land Registry TR1 and still have my name on the Mortgage?

    How will this affect my chances of getting another Mortgage?

    When applying for a Mortgage in the future will I be considered as a First time or as a Second time buyer now that my name has been removed from the Title of Land Registry ?

    What are the advantages and disadvantages in this current property market for a First and Second time buyer?

    With them asking me to sign a Land Registry TR1. Would it be in my best interest to do so or not? Because I have researched online and most of the forums and sites say it would be ideal that both names should appear on each document, i.e. mortgage and the title of Land Registry, but it never explains why. Can you please explain why.

    I don't have any interest in their property all I wanted to do with the kindest of my heart was to help them. If things go south due to my credit score and property history what can I do or say to them for them to help me?

    I would also like to know when applying for a mortgage will the Lender be requiring my previous mortgage application forms and mortgage contract of agreement?

    Please advice me on what to do next.

    Thanking you soooo much in advance for your kind cooperation and consideration in taking time out to read my dilemma.

    Hoping to hear from you soon at your earliest convenience.

  • #2
    Re: Please Help. My Name on Mortgage but not on Title

    Hi Sunshine,

    Stop worrying. Its sounds like your friend obtained a joint mortgage using your income to secure the mortgage hence you going on the title. You seem like a good friend to him for doing this and this is totally legal. It seems now that he may be refinancing the property in his name only as his income is sufficient and wants to take you off the title which is reasonable as it releases you from the mortgage should anything go wrong.

    Your chances of getting another mortgage will be even better as you have shown lenders that you have had a mortgage before and satisfied all the requirements of paying the mortgage.

    Also as you are released from that mortgage and assuming you own no more property with mortgages on you are now considered a first time buyer.

    Best of luck

    Ged
    http://www.premierexpatmortgages.com
    [email protected]

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    • #3
      Re: Please Help. My Name on Mortgage but not on Title

      I've been looking at some of the 'fine print' for mortgage lenders to confirm some personal queries that I have, and while doing so I've found a sentence similar to the following within several of them so this may help to relieve any concerns you have:

      Applicant definitions and acceptable combinations
      First Time Buyer (FTB): An applicant who has not owned any type of property (Residential or Buy to Let) for at least the last six months

      Therefore, assuming your name is removed from everything as you've been told, you should be ok if after the 6 months. On one lender it was 3 months but none I've seen so far have exceeded 6.

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