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Joint Mortgage/Further Education Query

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pudding:
Yep, when I broke up with my missus some years ago, she moved out and I stayed in the house and covered the bills and mortgage on my own.  The mortgage rate was 9% back then......because recession.  Mortgages are tiny now!

Anyway, I rang the bank as a general enquiry about signing the mortgage into my name.  They then handed me a reel of their finest luxury red tape and said I couldn't afford to buy it on my own....despite paying it on my onw for 3 years already!  So f'ck em.  I just stayed there and carried on paying.

As above..... the sh*t is going to hit the fan again.  Lessons were not learned from the crash of 2008.  Personal debt is at an all time high and the Bank of England CEO has warned the government.  What are the government doing about it? Nothing.  What did Labour do it about it in 2008? Nothing.  You're on your own kids.  Read the small print 10 times and just keep the payments up. Budget for the base rates to go up soon. 

grey golfster:

--- Quote from: grey golfster on July 06, 2017, 12:10:44 pm ---Generally agree with above posts.

1. Agree mortgage and arrange. Be Open and honest. Get written  confirmation of offer terms.
2. Buy house flat and get on with life....
3. Life changes. Borrowers will have no interest as long as mortgage is paid. By someone!

BEWARE
If it all goes t1ts up...
Do not expect any help from DSS with mortgage etc, despite all the bollox you see in media, you'll be out, house sold by bank at bargain prices, you living in bnb and no more mortgages for you!
Also beware these historically low interest rates...as an old fart, i remember paying back at 15%. Could you do that?
Rates currently look set to start increasing... perhaps a 5 yr fix?

--- End quote ---

Sorry, obviously I meant LENDERS.

rdfcpete:
Thanks guys for all your reassurances and information from first hand experience, much appreciated from all  :happy2:

Yes indeed as a couple of you said, it seems a 4 or 5 year fixed rate looks the way to go as things stand now, with another inevitable slump due very soon.
Making the repayments either way won't be a problem, she will still earn reasonable money but just not a fixed income that they would recognise as 'full time' or consistent enough - I just know that it would bring the lending amount down by £90k+ if I were to take her off as a registered name which raised the question in my mind & caused some anxiety, such is life   :stupid:

Thanks again.

lukemk5gti:
My two cents as I've literally just gone through the same scenario.

My gf and I bought our first house 2 months ago and I was told by the bank the following when I asked about taking a new job "you can do whatever you want after you draw down your mortgage, it's solely up to you to meet the repayment capacity by any means but don't take the new job or make any big decisions before that time".

I mentioned going for a second masters degree and all they said was "that stands to you on your mortgage approval".

Do be careful though, I will likely go back to college be it full or part time and for this reason I went for a 5 year fixed term. That means there's no fear of price hikes during my time in college and we can budget accordingly.

grey golfster:
Second Lukem about the fixed.

One of the VERY few good things about being an old fart, is that my mortgage is long since paid off....however my kids have heeded similar advice (not just from me) to fix asap.

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