pros and cons of both names on mortgage

yobt

I am planning to take out a mortgage. My wife is currently a full-time housewife. Firstly, is it possible take a mortgage out in both our names if she is not making payments to the mortgage? and if so then what are the pros and cons of doing so? e.g. perhaps she will have an income in the future which I would like the bank to factor into any increased lending under the same mortgage.

I am looking at the first direct off-set mortgage because it offers the ability to switch to interest only but is this switch available to those with conventiional mortgages anyway?

lawnordersue

Simple answer; yes, she can be on the mortgage even though she's not making payments to it. Her income only becomes a factor if, at some point in the future, you remortgage. That's the only point at which the bank are likely to look at it. If the mortgage is in joint names, you are both equally liable for the debt. If its in your sole name, only you are liable. The main 'con' is that if her name is NOT on the mortgage, it cannot be on the deeds either so the house ANd the mortgage will be in your sole name. Hope this helps.