Question about house ownership and mortgage.

Shoop

Hello, hoping someone can set me straight on this matter. I am a married, stay at home mum to a toddler and it does not make financial sense for me to work until he gets free childcare at age 3. We want to buy a house but according to online mortgage calculators because I am not working they will not lend us enough money to buy in the area we are interested in if I am named on the agreement.

My husband has a mortgage in principal with HSBC that was arranged over the phone a few days ago. So here is the question, if I am not on the mortgage does that mean I will not be able to be registered as an owner of the property with the land registry? If this is the case where would I stand if we divorced or my husband died? I want to believe in forever marriages but I would be a fool not to check out where I would stand.

I have no proof that I contributed to the deposit (When I was working I paid between five and six hundred pounds in cash a month to husband towards saving a deposit) and have not worked now for two years. I am basically a full time mum and housewife. From what I have read if we divorced I would be unlikely to get anything unless I spent a lot of money on solicitors and even then maybe nothing. This is pretty depressing to me as I used to have a good job and I feel like I am being penalized for staying at home to care for our child, whilst my husband gets to keep his career, own the family home and reap the benefits of having a full time cook/cleaner.

kingstreet

A non-working spouse is classed as dependent and does cause a reduction in the maximum borrowing.

You cannot be party to the ownership of the property if you are not named on the mortgage.

If you are married, you do not have to be named in the ownership to have a legitimate claim on the property if you divorce.

Shoop

Thanks for the reply. I suppose I knew this really, I'm just gutted that I won't be a home owner whilst my husband will be.

Let_Us_See

Let's go a step further. Even if you declare no income there is nothing preventing you applying for a joint mortgage with your husband. This will provide you with the security you seek. I cannot understand why borrowing capacity is affected by a joint application as your husband is providing all income. Suggest you investigate further.....or try another lender.