Getting Married - Security for Wife

Mojisola

1886 wrote: »

My situation was similar to Doberman when I bought my first house 11 months ago. I have a very good credit rating, my girlfriend had a bad credit rating. A joint mortgage would`nt work because of her history so my dad and me took out a mortgage. My girlfriend is now my wife, once her credit history is good enough my dad will come off the mortgage and it will be our joint mortgage as a married couple.
At the moment we pay the mortgage as a couple anyway, my dad has never paid a single penny. He was purely there to help get the mortgage, the bank suggested this. My wife contributes £x each month towards the mortgage.
It was`nt an ideal setup as it will have to go through a solicitior once my wife is on the mortgage to be binding but it was the only way we could get on the property ladder. My dad and the house are awesome

Do you own the house with your Dad as joint tenants or tenants in common? If you are joint tenants and you die, the house will be fully owned by your Dad. If you are tenants in common, have you specified the percentage of the house that you both own? If you die, your wife will at least inherit your share.

heartbreak_star

Caroline_a wrote: »

Surely now that you're married you have linked your credit histories together now? I can understand your initial taking out the mortage with your dad, but shouldn't it now have your wife on it, even if she is an addition rather than a replacement. Let's hope that you don't drop dead... I do think these days that so many people are more concerned with house ownership than relationships!

Marriage doesn't link your credit history - only joint accounts can do that.

HBS x

C_Mababejive

Judi wrote: »

You havent exactly got much faith in your marriage, or your future wife have you?

I wouldnt get married if i were you.

I see your point but i do think such matters need to be discussed and the fact that the female has raised it suggests that she too is thinking about it.


Relationships are like houses. If the foundations are wobbly then they are in danger of future cracks and eventual collapse.

In the meantime..google TOLATA to see how these things can end up if your wobbly house starts to crack up..!

DylanO

DevilsAdvocate1 wrote: »

So if you were killed tomorrow, your dad would get the house even though he's paid nothing and your girlfriend, who has made a contribution, would get nothing? Doesn't seem right to me.

It wouldn't be right. The house is probably held as Tenants in Common and therefore if he died, whoever is named in his will would inherit his share. Which could easily be 99% of the house, which would be fully paid off by the necessary life insurance.

But actually given the girlfriend in that situation has no risk and no obligation to pay the mortgage, and the father does, the situation could be quite different in that she could walk away scot-free and the father could be made bankrupt.

DylanO

Millie_Millsters wrote: »

Are you sure you're ready to get married? As I see it, marriage is about sharing everything irrelevant of who pays for it.

He's said he'll do that once they get married, not before. If you'd quoted him fully, you'd have been able to see that for yourself.

onlyroz

Why are you waiting "a couple of years" before you get married? Why not just do it now, and then buy the house as a married couple? Or perhaps that's just me for not understanding long engagements...

Edwardia

It's all very well for people to have a starry-eyed romantic view of love and say get married now, but the gf's credit history is bad. and it will affect the mortgage they can get and will cost more in interest.

It wasn't until we were talking to bank about mortgage that I found OH had CCJs and then I was very glad we had no joint account. It's really embarassing to learn about stuff like that for the first time in that situation and I felt gutted that he'd kept it all quiet. Since then although he doesn't need it on his salary he has gone behind my back and arranged loans and spent the money on himself.

So OP is trying to be sensible in the face of demands from gf with bad credit history to have security ie potential pay out even before they are married and have kids. She's getting a free ride now as it is though working part-time.

BugglyB

Edwardia is correct.

I am due to get married to a very hard working and caring man. Does this mean I should just think 'wayhay my working days are over?' No, I continue to work and pay my own way. Caring for children notwithstanding, I shouldn't be dependant on him for money simply because he is the man and we are married.

No-one goes into marriage thinking it won't work. Nevertheless the ONS reckons nearly half of marriages will fail, so well done to you OP for preparing for this eventuality.

OP can control his attitude to marriage - commitment to his wife, etc - but he cannot control hers. No doubt if you were on here in 5 years bemoaning your ex wifes having taken you for everything, some posters would be questioning your initial judgement.