hi
i have a few questions i would like peoples opinions on...
i have been reassured all is fine by lloyds MA and also husband and solicitors, but info i read here conflicts with what i've been told.
we are getting a mortgage thru lloyds tsb.
we chose this route as it was the easiest way to get a mortgage in our case, due to how we earn our money...
all our info was sent to underwriting, after the credit check (experian score 992) and were were manually approved for an AIP with lloyds, and have now done the full application and are waiting on the valuation (it has been over 2 weeks as they stuffed up transferring the full valuation fee to the valuers - £499! :eek:)
it will be 15% deposit down, at 4.1 % interest...
we're not really in a position to bargain, as we are both self employed, and husband had just switched over to a company.
the mortgage will be in my husbands name ONLY this time, as i am on maternity allowance at the moment, and only earnt 7,500 last year, so a mortgage in both of our names ,would have given us less borrowing power as in his name only.
it was suggested to do it this way by the lloyds tsb mortgage adviser, and is above board...
the solicitors and the mortgage adviser know the mortgage is in husbands name only, but know we want to do a joint ownership , and all have said that is fine...but people on this board seem to suggest that that is not possible, whereas both bank and solicitors said that was fine?
we have been happily married for 17 years, so i'm not worried about being ripped off by a runaway spouse or anything, but should something happen to my husband don't want to be left not in owner ship of own home!
the mortgage payments will come out of joint account.
ok, so the questions are :
1) we were told we can purchase in both names despite mortgage only being in the earners name- but conflicting advice on here?
lloyds adviser said they do quite a few things different to other banks, when i grilled him on a few things...
2) if its only in his name, does that mean i have no share in our house ?
3)AIP- its been to underwriting and approved...how airtight in general is a lloyds tsb AIP?
4) it is a magnificent old home, on a good parcel of land, but needs some work, but in good shape for its age..and a BARGAIN for the price we are getting it for! they just need it sold....
it has a few issues that don't threaten its structure, and will be easily remedied, but the lloyds MA said the valuer will go out, and then probably ,most likely recommend a specialist report be done on these issues...
then we can get a specialist in old historic buildings to come out and do a report and MA said he will have the sway on whether they lend or not, and may suggest a few things to be done before they lend (but lloys don't do retentions, so we will have to shell out for the works before we buy it..and we are sure the vendor will allow that- they are very laid back, and it will only improve their building should something go wrong...) the MA said we would exchange contracts and then do the works before completion...he has had a case last week where the lady exchanged 7 mths ago and then just came back now with the works signed off to complete...
so thoughts on these things please, and any enlightenment on issues i may not have thought of, or suggestions please...
sorry for the long post..i'm not particulary good at being succinct! :)
i have a few questions i would like peoples opinions on...
i have been reassured all is fine by lloyds MA and also husband and solicitors, but info i read here conflicts with what i've been told.
we are getting a mortgage thru lloyds tsb.
we chose this route as it was the easiest way to get a mortgage in our case, due to how we earn our money...
all our info was sent to underwriting, after the credit check (experian score 992) and were were manually approved for an AIP with lloyds, and have now done the full application and are waiting on the valuation (it has been over 2 weeks as they stuffed up transferring the full valuation fee to the valuers - £499! :eek:)
it will be 15% deposit down, at 4.1 % interest...
we're not really in a position to bargain, as we are both self employed, and husband had just switched over to a company.
the mortgage will be in my husbands name ONLY this time, as i am on maternity allowance at the moment, and only earnt 7,500 last year, so a mortgage in both of our names ,would have given us less borrowing power as in his name only.
it was suggested to do it this way by the lloyds tsb mortgage adviser, and is above board...
the solicitors and the mortgage adviser know the mortgage is in husbands name only, but know we want to do a joint ownership , and all have said that is fine...but people on this board seem to suggest that that is not possible, whereas both bank and solicitors said that was fine?
we have been happily married for 17 years, so i'm not worried about being ripped off by a runaway spouse or anything, but should something happen to my husband don't want to be left not in owner ship of own home!
the mortgage payments will come out of joint account.
ok, so the questions are :
1) we were told we can purchase in both names despite mortgage only being in the earners name- but conflicting advice on here?
lloyds adviser said they do quite a few things different to other banks, when i grilled him on a few things...
2) if its only in his name, does that mean i have no share in our house ?
3)AIP- its been to underwriting and approved...how airtight in general is a lloyds tsb AIP?
4) it is a magnificent old home, on a good parcel of land, but needs some work, but in good shape for its age..and a BARGAIN for the price we are getting it for! they just need it sold....
it has a few issues that don't threaten its structure, and will be easily remedied, but the lloyds MA said the valuer will go out, and then probably ,most likely recommend a specialist report be done on these issues...
then we can get a specialist in old historic buildings to come out and do a report and MA said he will have the sway on whether they lend or not, and may suggest a few things to be done before they lend (but lloys don't do retentions, so we will have to shell out for the works before we buy it..and we are sure the vendor will allow that- they are very laid back, and it will only improve their building should something go wrong...) the MA said we would exchange contracts and then do the works before completion...he has had a case last week where the lady exchanged 7 mths ago and then just came back now with the works signed off to complete...
so thoughts on these things please, and any enlightenment on issues i may not have thought of, or suggestions please...
sorry for the long post..i'm not particulary good at being succinct! :)