Name on mortgage different to name on deeds?

Nynaeve

Is this possible?

Background: Mortgage is in husbands sole name as I was an agency worker and my salary could not be counted. We would like the deeds to be in both our names but the solicitor seemed to be saying this wasn't possible.

However we had a meeting at the bank to sign for the mortgage and the advisor said she arranges mortgages all the time that are in different names to what's on the deeds (e.g. son's name on mortgage, fathers name on deed)

I am now in permanent employment and the bank advises I can be added to the mortgage in a few months time. We would both really like to have both our names on everything, is this possible?

CLAPTON

it is usual that the names on the mortgage and the names on the deeds are they same; most lender insist on this

I can't see why you couldn't do this from the start; SAHM are on mortgages and deeds even though they have no income at all.

ognum

Nynaeve wrote: »

Is this possible?

Background: Mortgage is in husbands sole name as I was an agency worker and my salary could not be counted. We would like the deeds to be in both our names but the solicitor seemed to be saying this wasn't possible.

However we had a meeting at the bank to sign for the mortgage and the advisor said she arranges mortgages all the time that are in different names to what's on the deeds (e.g. son's name on mortgage, fathers name on deed)

I am now in permanent employment and the bank advises I can be added to the mortgage in a few months time. We would both really like to have both our names on everything, is this possible?

Why is it important to have the property in your name as well as your husbands?

If you are married and split up any property you have between you whether in single or joint names becomes 'marital property' and will be split between the two parties.

If you husband dies the property will become yours, to ensure this you should have a wil, if you own any property or have a child you should have a will.

If you put your name on the mortgage then you should have adequate insurance to pay this off if you die as should your husband if he dies.

I think you may be worrying needlessly.

Nynaeve

CLAPTON wrote: »

it is usual that the names on the mortgage and the names on the deeds are they same; most lender insist on this

I can't see why you couldn't do this from the start; SAHM are on mortgages and deeds even though they have no income at all.

They couldn't put me on the mortgage because we wouldn't have been able to borrow enough. They take into account my expenses (what it costs to keep me etc) but not what I earn.

Nynaeve

ognum wrote: »

Why is it important to have the property in your name as well as your husbands?

If you are married and split up any property you have between you whether in single or joint names becomes 'marital property' and will be split between the two parties.

If you husband dies the property will become yours, to ensure this you should have a wil, if you own any property or have a child you should have a will.

If you put your name on the mortgage then you should have adequate insurance to pay this off if you die as should your husband if he dies.

I think you may be worrying needlessly.

While this may be true I still feel it would be just simpler if we were jointly responsible and jointly benefitting if you see what I mean. I don't know if it makes any difference but we are (and are likely to remain) a childless couple.

When my name is added to the mortgage in a few months of course we will take adequate insurance.

ognum

Nynaeve wrote: »

While this may be true I still feel it would be just simpler if we were jointly responsible and jointly benefitting if you see what I mean. I don't know if it makes any difference but we are (and are likely to remain) a childless couple.

When my name is added to the mortgage in a few months of course we will take adequate insurance.

I understand the need for the 'feeling' but if it ends up costly then my comment was simply to say you don't have to do it for it to equally belong to you.

I am sure you will work it out the best way for you both.

Kynthia

I was told that whoever was on the deeds had to be on the mortgage. If the bank needs to repossess the property they don't want someone else having a claim on it.

I'd want to be on the deeds too. :-)