Mortgage wants in joint names. how can we do that ?

nick2011

Hi All,

I recently applied mortgage via Nationwide and I have been married for 2.5 years. I couldn't put my OH's name as she was not here for last 3 years.
Ideally I would like to add her name and is there any possibility I can do that once we get our mortgage approved.

Any help would appreciate

kingstreet

If you want to add another party "when it has been approved" you might as well just do it now as the application effectively starts again.

If you mean some time after completion, that's a different matter. You can apply to have another party added to the mortgage and the deeds in a process known as a transfer of equity. Once the lender approves the mortgage change, the matter is passed to a solicitor to be finalised. A transfer of equity costs between £400 and £600.

Can you explain what you mean by this and what advice you sought about a joint or single application?

I couldn't put my OH's name as she was not here for last 3 years

nick2011

Thanks kingstreet.

what I meant was though I want to put my wife's name in mortgage application NW said they can't because she wasn't here in UK for last 3 years.
Now I have applied for mortgage under my name and since my wife is living with me I would like her to be included as if anything happens to me she hasn't got any rights to the house.

I think I have to do it after completion as you suggested incurring approx £400-600 as you mentioned. I was wondering whether I can do it without incurring an additional cost and it seems not.

kingstreet

Make sure you make a will to cover the period until you complete the transfer of equity.

nick2011

I am keen on doing this alongside mortgage completion .well if I tell this to my solicitor would he be able to do this before we get the keys ?

Carlos77

I had a similar issue with my mortgage, i couldn't get my wife on the mortgage, as at the time she was not a british national, and had only been here for 2 years at the time i got the mortgage. I asked about putting her name on the mortgage once she passed her citizenship, but it was going to cost £350-£400 for the privilege. In the end i figured it was just a piece of paper, and didn't really matter, as were married, so it is a joint asset anyhow, so would just be a waste of cash! When we finally move house, we will get the new house in both our names, but this one stays in mine!

nick2011

Thanks Carlos. I intend to stay our new home for foreseeable future ( at least 10 yrs) and I am only thinking if anything happens to me would she be able to claim (it without a legal document) ownership even though we are legally married and living together.

kingstreet

She's going to be vetted like any other applicant, so if you can't have her on the mortgage now, you aren't going to be able to add her before completion.

You need to see out whatever the lender's minimum residence period is, then, as suggested do the transfer of equity.

nick2011

min is 3 years and she will complete 3 years in next sept 2013. Completion expected in end of Jan.

Carlos77

Get a will made out, leaving it all to your wife, that will give you both piece of mind should anything happen to you.