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Joint Mortgage but sole ownership..is this possible?
manan.shah.82
Posts: 80 Forumite
Hello,
We are in middle of buying our 1st home in the UK; but because I own a house in another country we'll have to pay stamp duty for this house. My wife doesn't own a property anywhere in the world so I was wondering If I can get joint mortgage (because my wife's salary alone is not sufficient to get a mortgage offer) but if we have a sole ownership (on my wife's name) so may be we can avoid the stamp duty.
Is this possible? Any thoughts?
We are in middle of buying our 1st home in the UK; but because I own a house in another country we'll have to pay stamp duty for this house. My wife doesn't own a property anywhere in the world so I was wondering If I can get joint mortgage (because my wife's salary alone is not sufficient to get a mortgage offer) but if we have a sole ownership (on my wife's name) so may be we can avoid the stamp duty.
Is this possible? Any thoughts?
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Comments
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No it is not possible.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
Apparently it is but it's entirely down to the individual lender.
I didn't realize it counts if you have a place in a different country. However would they find out?0 -
You're happy to commit fraud?0
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HSBC do it.
Basically, if you are daft enough to take on a debt on a property you have no stake it, they are happy to take you on. Subject to the usual credit score, income, LTV etc.
Why is it fraud, WN?
Last point - if you attempt to transfer the property into joint names later, you will then incur stamp duty on the transfer of equity.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
He's not a FTB.0
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You're happy to commit fraud?
I have already declared that I'm not a FTB and will be paying stamp duty on the house if we buy this house. But my wife is a genuine FTB; that's why I was wondering if we can get house as a sole owner (my wife's name) and we don't have to pay stamp duty.
I don't understand how this can be counted as a fraud???0 -
kingstreet wrote: »HSBC do it.
Basically, if you are daft enough to take on a debt on a property you have no stake it, they are happy to take you on. Subject to the usual credit score, income, LTV etc.
Why is it fraud, WN?
Last point - if you attempt to transfer the property into joint names later, you will then incur stamp duty on the transfer of equity.
Thanks. I'll check with my lender and solicitor as well to confirm this.0 -
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Apparently you only pay stamp duty after a certain amount of the equity you have gained. 150k or so.0
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manan.shah.82 wrote: »I have already declared that I'm not a FTB and will be paying stamp duty on the house if we buy this house. But my wife is a genuine FTB; that's why I was wondering if we can get house as a sole owner (my wife's name) and we don't have to pay stamp duty.
I don't understand how this can be counted as a fraud???
The true purchase is by you both as a couple. You already own property and are therefore not a FTB.
If you go down this route and you're happy to pay a mortgage, as you've already stated, for a property you don't own and anything can happen with that, for the sake of paying the SDLT then fill your boots :rotfl:0
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