Mortgage with or without spouse?

mickael28

Hello,

Assuming that I could get the mortgage we need alone, would it be better to try and get the mortgage with my wife?

Not sure it that could affect something positively or negatively in the future?

Many thanks!!

Annisele

Do you mean better financially, or for marital harmony?

Most married couples get joint mortgages - but if one of you has issues with poor credit, or immigration, or there's some other problem, a mortgage in one name might be sensible.

mickael28

I was trying to think if it'd be better or worse for us financially.

Regardless of the mortgage, we both would be on the title, so not sure if the fact that she's in the mortgage could make any difference for her or for us (as a family)...

At the beginning I was thinking about not putting her mainly for the fact that she's from a non-EU country, but talking to a mortgage adviser he suggested that we both apply together... so getting confused now.

kingstreet

mickael28 wrote: »

Regardless of the mortgage, we both would be on the title

Really? You have a mortgage lender which will accept that?

mickael28

kingstreet wrote: »

Really? You have a mortgage lender which will accept that?

I have not researched my mortgage yet, but my 2 closest friends got a mortgage approved and they added their wife to the title, so I was assuming that that was not going to be a problem.

Another thing to research then, just in case; thanks...

kingstreet

I know of no UK mortgage lender which allows more owners on the title, than there are named on the mortgage.

I can't think how they would repossess in the event of default if they are unable to use the mortgage terms against one of the owners.

I'm always open to learning something new. If you get details, I'd be grateful. There are lenders who will allow more borrowers than there are owners, but that's basically the other way round to our issue...

Let_Us_See

"Regardless of the mortgage, we both would be on the title." Or, put another way, "we would both be on title regardless of mortgage." No, to both.

Unless there was a disadvantage of having your wife as a joint applicant, why wouldn't you want her to apply?

mickael28

kingstreet wrote: »

I know of no UK mortgage lender which allows more owners on the title, than there are named on the mortgage.

I had never thought about it TBH, asking what my friends did exactly...

Let_Us_See wrote: »

Unless there was a disadvantage of having your wife as a joint applicant, why wouldn't you want her to apply?

The only thing I could think of at the moment is that her current salary could help with part of the mortgage but wouldn't be enough to pay for a whole mortgage, so I was thinking along the lines of me having the mortgage on my name alone with a life insurance to cover for it so she wouldn't need to face that big payment if something bad happened in the distant future...

Let_Us_See

At least you ARE thinking about the future even if your thoughts are somewhat confused. It is much simpler than you imagine and an early general discussion with an adviser will clarify many of your queries.

Farside

My wife is also from a non EU country and i have not applied for a joint mortgage with her simply because her credit file will not be good, She cannot go on the electoral roll, She has no creditcards to show payments etc. Also she doesn't work so there's no benefit for the application for me. I'm also be getting the insurance incase anything happens to me. I read online that you must put your wife in your will for the property or there's no guarentee that she will get it if you die, Which kind of shocked me, Apparently the government can take it, Or something like that! If someone on here can verify that it'd clear things up for me

kingstreet

You need to leave a will to ensure your assets go to those you would wish to receive them.

You should also write life cover, in trust, for her so she can repay the mortgage, as effectively she will be buying the property fro your estate and the life cover will facilitate that.

Under the intestacy rules which apply if no will is left, the spouse normally inherits everything, if there are no children;-

http://www.adviceguide.org.uk/england/relationships_e/relationships_death_and_wills_e/who_can_inherit_if_there_is_no_will___the_rules_of_intestacy.htm