Equity release must be in joint names even though mortgage is in one name

C

colin79ie

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Applying for equity release and been told that as we were married after the initial mortgage, which is in one name, the equity release must now be in joint names , joint application.

Although not an issue I'm guessing it will mean additional cost of solicitors etc. (Bank offer their own legal service for equity release but don't think it covers this)

Could there be any reason the bank are insisting on this so that might be beneficial to them financially, rather than it being a legal requirement?
 
Practically all lenders insist on joint mortgages when married, you could say it is beneficial to them in that it will makes things simpler and cleaner from their point of view if it ever comes to repossession. But it's policy with them all I would say so if you want the extra money you will probably have to accept their terms.
 
Colin,

Sounds like you have good debt ratio and are a good payer.

Go to another lender and present your case , you may well find they will accommodate you, do new mortgage in joint names and give a few bob towards legal costs , ie worth exploring.
 
I don't mind the joint mortgage . I just wanted to be sure there is nothing in it for the bank as I was stung before without knowing the facts and being naive etc.

I would like to stick with the same lender as I only have 10 yrs to go on my tracker so I'll go down the joint application route . Thanks for the replies
 
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