Getting Married - Security for Wife

doberman100

Hi,

I was not sure where to post this question.

Basically my girlfriend and I want to get married in a couple of years time. I currently own the flat we live in, and I am planning on moving into a house so we can have more space for us initially, and then a family.

I am in my mid 30's, and have a steady career and an good salary and prospects (touch wood), whilst my girlfriend is about to finish a part time degree she has been doing whilst working part-time to fund things. She doesn't have any savings, or any financial safety net, and this causes her a lot of anxiety.

The prospect of getting married and moving has brought a number of issues to light. She said she would want her name on the house we move into, but I don't know how this could be done unless she pays part of the mortgage and the deposit, solicitors costs, etc. There is no way she'd be able to do this by the way, not in the time frame we are talking.

She has said she is not trying to take what is mine or anything, and I'm certain that is the case, but I do understand her anxiety. I said to her that if we get married she'll get 50% of everything anyway in the case of divorce so that's a safety net, but I am quite naive and I'm not sure this is actually the case.

How can her name be on the property if she doesn't directly pay for the mortgage or costs of moving? I'm not sure what to do here.

Cheers.:(

gingin_2

We have a trust deed. House is in husbands name, he pays for it all but the trust deed gives me all the equity and him all of the debt. I would have thought it can be done proportionately if you wish. It was done through a solicitor.

picnmix

Firstly congrats on your upcoming marriage!

Could your partner not go on the mortgage anyway if you are going to buy a new place together? When I got married I had savings etc, we used that for the deposit and I paid the solicitors fee's etc, at the time I earned more than my DH, that has changed over the years, so swings and roundabouts.

mummybearx

I may be wrong, but I thought your name was on the mortgage if you made a joint application?

So if you apply alone, it's your mortgage. If you apply jointly, then both names are on it. It doesn't matter who pays what, if you pay it all and she pays nothing, it's who applies for it.

This of course means you could get more of a mortgage with having two people paying it back, but if she doesn't have good credit it could damage your chances of being accepted.

As I said, I may be wrong with this, but that's my understanding x

chewmylegoff

zepsgal wrote: »

I may be wrong, but I thought your name was on the mortgage if you made a joint application?

So if you apply alone, it's your mortgage. If you apply jointly, then both names are on it. It doesn't matter who pays what, if you pay it all and she pays nothing, it's who applies for it.

This of course means you could get more of a mortgage with having two people paying it back, but if she doesn't have good credit it could damage your chances of being accepted.

As I said, I may be wrong with this, but that's my understanding x

This is right, but the bank is unlikely to accept a joint application where one party has no income. If she has a low income, because joint applications generally work on lower multiples (i.e. might only be able to borrow 3x joint, or 4x single) it might mean that they amount they can borrow is significantly less in the case of a joint application.

elvis86

doberman100 wrote: »

Hi,

I was not sure where to post this question.

Basically my girlfriend and I want to get married in a couple of years time. I currently own the flat we live in, and I am planning on moving into a house so we can have more space for us initially, and then a family.

I am in my mid 30's, and have a steady career and an good salary and prospects (touch wood), whilst my girlfriend is about to finish a part time degree she has been doing whilst working part-time to fund things. She doesn't have any savings, or any financial safety net, and this causes her a lot of anxiety.

The prospect of getting married and moving has brought a number of issues to light. She said she would want her name on the house we move into, but I don't know how this could be done unless she pays part of the mortgage and the deposit, solicitors costs, etc. There is no way she'd be able to do this by the way, not in the time frame we are talking.

She has said she is not trying to take what is mine or anything, and I'm certain that is the case, but I do understand her anxiety. I said to her that if we get married she'll get 50% of everything anyway in the case of divorce so that's a safety net, but I am quite naive and I'm not sure this is actually the case.

How can her name be on the property if she doesn't directly pay for the mortgage or costs of moving? I'm not sure what to do here.

Cheers.:(

I'm also struggling to fully understand the problem? Surely if you present at the bank with "this is our deposit" and "we'd like to apply for a mortgage in joint names", there shouldn't be an issue?

Granted, her low income may mean that her being named doesn't increase the amount you're allowed to borrow, and in practice the mortgage may end up being paid out of your wages rather than her's, but unless you have a fundamental problem with her owning half of the house whilst the deposit and mortgage payments come from "your" money, I can't see a problem?

elvis86

elvis86 wrote: »

I'm also struggling to fully understand the problem? Surely if you present at the bank with "this is our deposit" and "we'd like to apply for a mortgage in joint names", there shouldn't be an issue?

Granted, her low income may mean that her being named doesn't increase the amount you're allowed to borrow, and in practice the mortgage may end up being paid out of your wages rather than her's, but unless you have a fundamental problem with her owning half of the house whilst the deposit and mortgage payments come from "your" money, I can't see a problem?

*I can't edit, but this is assuming that as she is about to complete her degree, she will be working full time by the time you apply for the mortgage?

Chakani

chewmylegoff wrote: »

This is right, but the bank is unlikely to accept a joint application where one party has no income. If she has a low income, because joint applications generally work on lower multiples (i.e. might only be able to borrow 3x joint, or 4x single) it might mean that they amount they can borrow is significantly less in the case of a joint application.

My OH and I have a joint mortgage and are joint owners of our home. I have no income, and had no income when we bought the house (I'm a full time mum).

There was a straightforward calculator on the website of the bank we used that told you multiples of single and joint salaries that would be acceptable as a mortgage, which I think was slightly lower for a joint one, but we had no problems with the fact that my income is zero. I'm sure it's not an uncommon situation.

doberman100

Well, I should clarify that we're not getting married yet - but will do in the future before we have a family. As such, I don't think I'm happy to give half-ownership of a house to her. That doesn't seem fair. If we were married then that's different of course if she is a full time mum.

I know she does have a very bad credit history, so I'm not sure how that would work if we made a joint application.

I'll have to ask her if she wants to get a joint mortgage then, but would that not mean that the percentage of the property that is her is proportional to the amount she can contribute - rather than half?

So no, I was going to apply for a mortgage (or rather move my current mortgage) in the next couple of months before she starts working full time - which won't be until September.

So I'm wondering if we have a joint mortgage and she pays 10% of the repayments that would mean she owns 10% of the house, or would this only be the case if she also paid 10% of the solicitors fees and deposit - which are currently going to be paid exclusively by me?

There is also of course the future scenario where we get married. This will be in a year or so maybe, and she (I think) would be a full-time mum. Would I then need to sign over half the property to her - or would being married be enough security?

I'm trying to find a simple way to sort this out rather than seeing a solicitor. Marriage is supposed to be something beautiful, and the more I think about it the less romantic it seems now.

elvis86

doberman100 wrote: »

Getting Married - Security for Wife
Hi,

I was not sure where to post this question.

Basically my girlfriend and I want to get married in a couple of years time. I currently own the flat we live in, and I am planning on moving into a house so we can have more space for us initially, and then a family.

I am in my mid 30's, and have a steady career and an good salary and prospects (touch wood), whilst my girlfriend is about to finish a part time degree she has been doing whilst working part-time to fund things. She doesn't have any savings, or any financial safety net, and this causes her a lot of anxiety.

The prospect of getting married and moving has brought a number of issues to light. She said she would want her name on the house we move into, but I don't know how this could be done unless she pays part of the mortgage and the deposit, solicitors costs, etc. There is no way she'd be able to do this by the way, not in the time frame we are talking.

She has said she is not trying to take what is mine or anything, and I'm certain that is the case, but I do understand her anxiety. I said to her that if we get married she'll get 50% of everything anyway in the case of divorce so that's a safety net, but I am quite naive and I'm not sure this is actually the case.

How can her name be on the property if she doesn't directly pay for the mortgage or costs of moving? I'm not sure what to do here.

Cheers.:(

doberman100 wrote: »

Well, I should clarify that we're not getting married yet - but will do in the future before we have a family. As such, I don't think I'm happy to give half-ownership of a house to her. That doesn't seem fair. If we were married then that's different of course if she is a full time mum.

I know she does have a very bad credit history, so I'm not sure how that would work if we made a joint application.

I'll have to ask her if she wants to get a joint mortgage then, but would that not mean that the percentage of the property that is her is proportional to the amount she can contribute - rather than half?

So no, I was going to apply for a mortgage (or rather move my current mortgage) in the next couple of months before she starts working full time - which won't be until September.

So I'm wondering if we have a joint mortgage and she pays 10% of the repayments that would mean she owns 10% of the house, or would this only be the case if she also paid 10% of the solicitors fees and deposit - which are currently going to be paid exclusively by me?

There is also of course the future scenario where we get married. This will be in a year or so maybe, and she (I think) would be a full-time mum. Would I then need to sign over half the property to her - or would being married be enough security?

I'm trying to find a simple way to sort this out rather than seeing a solicitor. Marriage is supposed to be something beautiful, and the more I think about it the less romantic it seems now.

So you've basically flowered things up in your original post.:cool:

The issue here isn't that you are being somehow prevented from giving your OH the security she desires. In reality, your problem is that your girlfriend/fiance(?) wants the next home you move into to belong to both of you, but you're not willing to share that with her if your contribution is greater than hers/if you pay for the solicitors etc.

But you anticipate that once you're married and she gives up work to take care of your children, you will be willing to accept that everything you own is owned collectively?

I find it slightly strange that despite you anticipating marrying this woman "in a year or so", and planning that she will give up her career and financial independence to raise your kids, you're not currently willing to think of money and assets as "ours", but rather "yours" and "hers"?

nickj_2

surely if she is to be your wife why wouldn't you want her to have half , whether she can afford to pay any contribution or not ,
that is the idea of being married , i guess you'd better start getting used to it