I've been thinking of remortgaging my house since January, delayed for
> various reasons and then got made redundant. Now I find myself unable
> to remortgage at a favourable rate, even though I could actually
> reduce my monthly outgoings by doing so. I live in my own and have a
> sole mortgage. It occurred to me that I could get the mortgage I want
> if I made a joint mortgage with a relative who could show
> affordability. What are the drawbacks of this? Does it matter that the
> other applicant is not actually going to reside at the property? What
> difference does it make when it comes to selling?
No problem. The person you want is called a guarantor and simply has to agree, via his signature, that he is jointly reponsible for the mortgage. Makes no difference when you sell.
Rob Graham