Newly married Mortgage jiggling....

keep_on_truckin

Myself and my husband are recently married.

I have a mortgage already on another home other than our "marital home".

My husband has a mortgage on our marital home - it is valued at 130k and the mortgage outstanding is around 5k.

We are looking to spend 40k on an extension to our home.

The problems are - my salary is twice his but I have a much more substantial mortage already and other debts which I am slowly clearing.

My husband earns 13,000.

My questions are...... are we able to apply for a new mortgage on our marital home in ONLY his name even though we are married.

We would be looking to borrow between 30 and 40 K and our house is valued already at 130k with only 5k outstanding at the moment on the mortgage.

Particularly we are interested in the Clydesdale bank as he has his existing mortgage with them and his current account.

I am with RBS = but feel that if we want to use my name we will need to sell the property I own to free up my borrowing power.

Any guidance welcome...

dimbo61

The easy answer is for your husband to go and see his bank and ask
Property worth £130,000 with only £5k mortgage and you need another £40k
Even your husband should be able to boorow 3X his income of £13k = £39 mortgage
Lots of equity in the property

keep_on_truckin

yeah we are planning that anyway ....was just wondering if anyone knew about it.... ie.... applying for a sole mortgage when you are married...just so had the heads up before we went into bank...... thanks anyway

keep_on_truckin

good news.....they will lend him 4 value of his income :-) £52k..... good news for a change...................