single mortgage when married??

Hmm_2

Hi Everyone,

Looking for some advice on the possibility of getting a single mortgage when married.

Basically, my husband is at risk of redundancy, but has now been told his position will remain until 2013. In spite of this his company HR dept. has said that they will state the job is at risk for the purpose of any mortgage applications. We have joint debts, but both have good credit ratings and my job is secure, so I'm wondering if I can apply for a mortgage on my own or would this be refused because we have a financial relationship with our joint debts? Confused.....

Thanks for any thoughts you may have...

orangina

You can indeed apply for a sole mortgage, not all lenders like them but there should be no issue with a joint mortgage, although the lender will not be able to take your husbands income into account.

If you take a sole mortgage your husband will be asked to sign a "consent to mortgage" which basically means he has no legal rights over the property so that ultimately if you fail to pay the mortgage and the bank want to reposess he can not claim any rights over the property and prevent them from taking posession.

Hope that was of help to you

Good Luck

Plans_all_plans

When we got our mortgage, all we had to do was show 3 months of payslips. HR didn't come into it/have to sign anything. Can someone clarify whether this is a new requirement?

orangina

All lenders have a question on the application asking if you are aware of any changes to your employment status - if you dont declare it and then they go for a reference you will be in trouble.

The lender may well just accept payslips but with ever tightening criteria its likely they may go for employment references aswell, thats the joy of responsible lending and problems that people who have commited mortgage fraud have created.....if you can do it on your sole income then take that route of least resistance!

Hmm_2

Orangina: Thanks that was really helpful. We were starting to wonder if we would have to put things off until 2013 as my husband really wants to stay on in his job right to the end.

dimbo61

Try and reduce your existing debts as much as possible as even a couple of thousand pounds on the Credit cards can have a big effect on your affordability

FantomX

orangina wrote: »

All lenders have a question on the application asking if you are aware of any changes to your employment status - if you dont declare it and then they go for a reference you will be in trouble.

The lender may well just accept payslips but with ever tightening criteria its likely they may go for employment references aswell, thats the joy of responsible lending and problems that people who have commited mortgage fraud have created.....if you can do it on your sole income then take that route of least resistance!

Good post orangina! But don't forget that dumb banks were also just as much as responsible as stupid borrowers!

I remember back in the 90s when a work reference was required for a Mortgage...I remember some of my collegues pulling their hair out with regards to the loops they had to jump through!

Oh the good old days eh? LOL

Thrugelmir

If you can afford the mortgage on your income alone then having your husband named shouldn't be an issue.

An application without your husband named could be viewed with suspicion considering that the joint debt will be seen in performing the credit check.

So much easier to be upfront and frank than try and play unneccessary games.

SallyG

"You can indeed apply for a sole mortgage, not all lenders like them but there should be no issue with a joint mortgage, although the lender will not be able to take your husbands income into account."
In that case : Will the husband still be a legal joint owner of the house?
Will his name appear on the Land Registry deeds and if the house is sold is he legally entitled to 50% of the proceeds?

Obelia

This has been very useful information. My spouse and I are also planning to get a mortgage in just my name rather than a joint mortgage. We currently have no joint accounts.

One question though. We currently have all our deposit savings spread across our accounts (to make the most of our ISA allowances). Will it be a problem if we both contribute to the deposit? Presumably that would normally give rise to a beneficial interest - would that be dealt with by the "consent to mortgage" or not? Should we transfer the whole value of the deposit into my accounts before applying for a mortgage?

cumbria_mortgages

Obelia with the consent to mortgage, anyone living in a property over the age of 17 has to sign a consent to mortgage form. It is standard and won't cause you any problems. The consent to mortgage form is there so that if the property is repossessed then they have no claim to stay there they must move out with you. ie they can't squat or have a right to stay in the house.