Mortgage advisers

[butterflies]

I have a question that i hope you can help me with, we are going through with an iva and my two daughters have offered to buy our house (50/50) my question is they are both married but rent accomodation at the moment as they have high powered jobs and move around, what effect will this have on them when they want to arrange their own mortgage, as they will be hoping to take out the mortgage in their names only not mr & mrs(if possible) and not to involve their husbands (not that husbands will not be told) husbands will be fully aware of situation.

[Adam Davies]

Hi
They will declare the mortgage for your house on the application form and as long as their income makes another mortgage affordable then I can see no problems.
Regards

[butterflies]

Andy thanks for your reply, the mortgage amount for our house would be approx £130.000 and be in our daughters joint names, i'm a bit bothered in that if they do this will it affect them getting a better deal (as for example first time mortgage buyers) when they indiviualy apply for mortgages as mr & mrs, their salaries will more than cover any thing they buy. sorry for question but not grasping things at the moment.

B

[Welsh Boy]

butterflies

What Andy is saying is that the possible mortgage on your property by your daughters would have to be deemed affordable to your daughters based upon their present financial commitments along with the proposed new mortgage application.There are other criteria, for example their credit profile(s)and income etc. that would also be taken into account to ascertain what, if any deals/offers are available to them. The future application for mortgage funding for themselves or along with husbands/partners would also be based on the same type of criteria and potential deals will reflect their own particular set of circumstances. Hope this helps. Tony

[butterflies]

Tony thanks for reply, now understood, one more question is as one daughter lives and works in UAE could that be a problem.


B

[Andrew Graveson]

Hello butterflies,

I suspect that will not be a significant issue. Many ex-pats retain property interests in the UK.

The factors that Tony has mentioned already will be much more important.