More than 2 Applicants on A mortgage
We find that it is a common misconception that only two applicants can be on a mortgage.
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The Story
We find that it is a common misconception that only two applicants can be on a mortgage.
We often encounter situations where more than two applicants would like to be party to the mortgage.
Sometimes these situations are where there are more than two adults residing in the property and they want to be part to the mortgage but sometimes it is on the understanding that the two main applicants are not eligible to borrow the amount that they need therefore they require a third applicant to join them on the mortgage this provides the lender with the comfort of knowing that the applicants will jointly be able to afford the mortgage and it enables the customer to purchase the house that they need even though if only two of them had applied they might not have been able to get the loan that they require.
This is also possible even when the third applicant lives in a different house and already has a mortgage. We have a number of lenders on our panel who will consider incomes from more than just two applicants.
One such situation was where the parents and their daughter wanted to jointly purchase a property. Initially, we were approached by the parents who thought that they could be the only two applicants on the mortgage.
Whilst they had identified a property that they really liked but felt that they would not be able to get the mortgage for, they came to enquire about potentially getting a mortgage for a lower value property.
What Did Cubic Financial Services in Slough Do?
It was only after discussions that they realised that their daughter could join them on the mortgage. They subsequently went back and had a discussion with the daughter (who was already keen to become a homeowner) that they came back to us with the requirement to advise and recommend a mortgage that would allow the three of them to purchase the property that they really liked.
With a strong commitment to achieving synergies amounting to approximately 1% of sales within the third year post-merger, our team played a crucial role in providing a comprehensive road map for this endeavor. Leveraging the expertise of our seasoned retail professionals
One significant aspect of the transformation involved the consolidation of the IT organizations of both companies. Prior to the merger, these IT departments had underperformed and lacked prior experience.
The Results
We were pleased with the outcome but most importantly to help them purchase the property that they as a family felt was right for their needs without having to compromise on space.
