Single Mortgage when married

MrMartinJKelly

Hi All,

I'm hoping you may be able to help me with some advice (apologies in advance for the long post but it's a bit complicated).

To cut a long story short my wife and I have been married for 5+ years and have joint finances in the form of a current account and a couple of savings accounts. Last year when we were looking to purchase a property I was self-employed and my wife in full time employment. As a result, to save on complications arising from my self-employment, when we purchased a property my wife took out a single mortgage in her name only.

Fast forward to next year we are looking to move. My wife is now no longer in employment (she is looking after our new daughter ) and I have accepted a permanent role with a company. We have managed to save hard for the last year and a bit and will, touch wood, have the deposit in cash when we come to move.

I have had issues in the past with mortgages due to a default on my account 5 years ago when I was younger and a lot less wiser. As a result I am nervous about the process although I have a good relationship with the bank and have recently recieved a mortgage in principal for the value that we'd be looking to puchase for.

Due to the past problems, and the fact that the current mortgage is in my wifes name, I would like to purchase a property under my own name and sell the property under my wife's name immediately afterwards. I would like to do it specifically this way so that if the mortgae company withdraw there offer we are not left homeless.

I was wondering if someone could advise what impact the fact that my wife has a mortgage, and we have joint finances, would have on my mortgage application? For example, are the mortgage company likely to turn down the mortgage offer on account of owning two properties for a short period?

Any advice appreciated. We're in the fortunate position where we can afford to pay both mortgages until the old property sells (although not an ideal scenario) so there's not an immediate financial risk. I just don't want to go down this road only to have the mortgage offer withdrawn at the last minute...

Thrugelmir

MrMartinJKelly wrote: »

Any advice appreciated. We're in the fortunate position where we can afford to pay both mortgages until the old property sells (although not an ideal scenario) so there's not an immediate financial risk. I just don't want to go down this road only to have the mortgage offer withdrawn at the last minute...

In obtaining a mortgage offer initially you'll need to clear all the hurdles. So the likelihood of last minute withdrawl is very low.

Work on the basis that you'll sell and buy at the same time. Far easier to coordinate the transaction. Allied to the fact that your wife is financially dependent on you.

Okydoky25

Have you considered how you would pay 2 mortgages if your wife's house did not sell quickly?

Wh05apk

Provided you have not got your aip from Halifax, then it should be worth the paper it's printed on.


From your situation, there should be no need to do the mortgage in sole names, do it properly now in joint names as it will save complications later.


If you are concerned about the offer being withdrawn - not unheard of - then get your solicitors to exchange and complete simultaneously, as that will eliminate the risk.