01332 340 211

Why does my lender want my child to sign a Deed of Postponement?

If you have an adult who permanently resides at the property with you, but is not on the legal title and has not signed the mortgage deed, it will be difficult for the Lender to evict them, be it your child or any other affiliated person such as a roommate or housemate.

The Lender, therefore, requires every adult in the house to sign the Deed of Postponement to state that they are aware that you purchased the property with the aid of a mortgage and if you fail to make the repayments and you are evicted, they will leave the property with you and have no legal right over and above the Lenders right.

I have signed for a mortgage, what does this mean in terms of signing a Deed of Postponement?

You are buying the property, therefore you will sign the Mortgage and by doing so agree to the terms and conditions of the mortgage, including repayment of the capital and interest. If you fail to make the repayments, the Lender may evict you under the terms of the Mortgage and a Deed of Postponement is not required for yourself.

Do you need to sign a Deed of Postponement to get a mortgage?

A Lender will not give a mortgage advance until a Deed of Postponement has been signed by any permanent adult occupier. All Lenders are keen to ensure that any occupier receives independent legal advice on this particular issue.

For more information on the use of a Deed of Postponement, please contact our Residential Conveyancing team on 01332 340 211.

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Derby Head Office:
St. Michael’s Court
St. Michael’s Lane
Tel: 01332 340 211
Fax: 01332 207 601
DX: 729320 Derby 24
SRA number: 509657

54, St. John Street
Tel: 01335 342 208
Fax: 01335 342 010
DX: 26834 Ashbourne
SRA number: 511804

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