A qualified mortgage holder learns to their surprise that adding their partner to an existing mortgage is practically indistinguishable from initiating an entirely new home loan. The Byzantine complexity of unravelling their current loan and reapplying with now double the level of financial scrutiny comes as unwelcome news for the home owner who questions why the process seems needlessly convoluted. Our expert consumer advocate helps navigate the applicant as to why this process is regarded by financial institutions as a new mortgage loan.
- Adding someone to a mortgage is a taxing and evasive process.
- The financial concern of the bank rests on the main account holder versus the bigger risk; the new applicant.
- Banks use the request and application to add another person to a mortgage as a chance to sell the customer on a new mortgage product.
“My partner was not asked questions of this nature, despite being the person who was being added to the mortgage and thus surely the larger risk.”
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