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Mortgage - deed of consent - can you withdraw in the future?

5 replies

twiglet123 · 18/01/2022 14:36

Husband bought our current family home in 2013 when I was a SAHM and it worked out that he could borrow more on the mortgage if he applied on his own. I signed a deed of consent at the time as I would be living in the property but not named on the mortgage. I think the deed waives my rights to the property?
I had forgotten all about this but I have just been going through our paperwork and I am not happy about this arrangement! What can I do? I feel like I have no rights - husband has a will and has left everything to me so what happens in this case?
Can I get a solicitor and get this deed removed?

OP posts:
fromdownwest · 18/01/2022 17:32

As you state, you have signed a form that waives any interest in the property. The morgtgage company would have advised that you seek legal advice prior to signing the form, which covers off their liabilty. If you chose not to (sadly lack of knowledge is insufficient reasoning) then it is on you.

A solicitor can not revoke the consent letter, as it is legally binding between your husband, and the lender. The lender is unlikely to remove this as it weakens their position if your husband were to default.
The only way around would be a remortgage with you on the mortgage as Joint and several liable.

Dillydollydingdong · 18/01/2022 17:59

Hard to tell without actually seeing the deed of consent, and you'd need to get proper legal advice on it. IMO you'll be in the same position as any other married woman ie. you haven't renounced all financial interest in the property, it's just that the mortgage itself is in DH's sole name.

DelphiniumBlue · 18/01/2022 18:10

What it means that you have agreed that should the Mortgage company try to repossess (eg in the event of non-payment) you will not exercise any rights you may have to stop them from doing so - that you will not exercise your right as a spouse to stay in the matrimonial home against them.
It doesn't mean that you don't have any rights, just that you will not stop the mortgage company from getting their money.

PeeAche · 18/01/2022 19:09

It's what DelphiniumBlue said. It just means you won't be objecting to the bank taking the house if you fall behind on mortgage payments. Don't worry about it. My DH and I did the same when we were buying. It doesn't mean you don't have a claim over the house if you're married and you're raising children there together.

twiglet123 · 18/01/2022 23:01

Thank you all. I had 6 month old and a 2 year old then and I definitely didn’t get my head around financial matters at all at the time. I think I will look into getting my name added to the mortgage for peace of mind.

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