Mortgage/Deeds - Add wife to?

gingerprince

Hi all, I hope this is the correct forum.

I own my own house (value roughly 160k, outstanding mortgage 50k). I got married 18 months ago and now have a son. I've been a bit unorganised with mortgage stuff recently, so am looking to remortgage onto a better deal (I'm with nationwide so looks like I can get a good remortgage with no fees).

I had assumed it would be sensible to add her name to the deeds and to the new mortgage at this time. However I'm unsure as to the real benefits/detriments of doing either, both or none.

Adding her to the deeds
This seems the more obvious one. I want to be sure that she isn't homeless in the event of my death. Is adding her name to the deeds a requirement, or is the fact we're married sufficient? Are there any issues or benefits either way?

Adding her to the mortgage
The mortgage will be covered with my salary (as has been since I bought the house). My wife is currently on maternity and will probably only work part time afterwards. Given that the mortgage will have no financial dependancy on her income, is there any real reason to add her name?

I want to do the right thing and get things in order so that my wife and child are okay if I go under a bus, and want to know the benefits or otherwise of the various options before I approach my lender - no doubt they would tell me the most profitable option for them in terms of extra fees etc?

Sorry it's a bit general but any advice of the best options in this situation would be appreciated.

Many thanks


Simon

vo-vo

I don't think you can have her name in the deeds if her name is not in the mortgage. Besides, I don't think it is necessary to have her name in the deed as you are married. However if anything goes wrong, she might have to share it with your parents/siblings and your son, but I guess she will still have the largest share.. correct me if I'm wrong.

MortgageMamma

AFAIK

You can't add her to the deeds without adding her to the mortgage

Unless you have made a will your house will go through probate - seek legal advice on this

If youa re going to remortgage, and add your wife to the deeds there will be an extra charge for this. If you are getting free legals wit your chosen lender they will charge you an additional amount to do a transfer of equity

Whether your wife goes on the mortgage or not will not affect the lenders profits either way so you are quite safe in that respect, however, no lender will ever give you truly independent and unbiased advice, for that you would need to speak to a whole of market mortgage broker

must-resist-ebay

There are two ways for two people to own a house, the first is known as beneficial joint tenants, in this case both people own the house as one, ie if one person dies the property reverts to the other. It is unlikely that your mortgage company will allow you to add your wife to the deeds without adding her to the mortgage if you chose this option.
The other is known as tenants in common, you both own the house but each owner has a distinct share, this can be 50/50 but doesn't have to be. When one partner dies their share does not automatically pass to the other but goes through probate to whoever they nominate in their will. As your current mortgage is less than 50% of the value of your house your mortgage company should allow you to add your wife in this way. Although if you want to remortgage in your name only it will be based on your equity share of the house.