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Having people of title deeds but not on the mortgage

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  • Having people of title deeds but not on the mortgage

    Hi we are currently in the process of buying a house with a mortgage in the name of my partner and myself, but with my in-laws on the title deeds. As my in-laws are too old to be put on the mortgage due to their age they want to be put on the title deeds, in principle the bank has agreed to this. Our current house was bought 14yrs ago on a short mortgage which is due to be paid in full shortly, at that time my in-laws could be put on the mortgage, they are wanting the same security as they paid a substancial deposit in our current house which has increased in value over the years, the sale of this property will be the deposit for the new purchase. Eventually they plan to gift their share of the house to us.

    I was not aware if mortgage lenders could offer third party security mortgages, I don't want this lender to be wasting our time and then we loose the house we want.

  • #2
    Re: Having people of title deeds but not on the mortgage

    Which lender is it?

    Most lenders would not agree to what you propose. HSBC/First Direct is a major exception.
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.