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Applying for Mortgage, single applicant but married.
Comments
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nestumkiller wrote: »What could be the reasons behind it?
The person gifting the money has a pecuniary claim against the property. This puts the lender in a difficult position in the event of repossession for example.0 -
Thrugelmir wrote: »The person gifting the money has a pecuniary claim against the property. This puts the lender in a difficult position in the event of repossession for example.
OK I think I understand what you mean. Is there any legal way around this?0 -
My credit rating is alot better too.
What is wrong with hers?
Unless she has serious credit issues then the mortgage and property should always be in joint names, anything else is just sloppy work by the Nat west sales person.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Apply in your own name... she will have to sign a consent form to say she understands they own the property should you go into the red, not her.
£50k is no probs for you0 -
Will she mind not owning the house she lives in?
If she's not on the mortgage, she's not on the Deeds eitherEarly retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
What is wrong with hers?
Unless she has serious credit issues then the mortgage and property should always be in joint names, anything else is just sloppy work by the Nat west sales person.
Just curious but why should a property be in both names.
Not everyone has or wants joint finances ( I don't and I am married ! House and mortgage in my name only) surely it's a huge risk to combine finances in any way.
Not to mention extremely difficult to untangle in the event of a divorce.
Why on earth would you recommend it?0 -
My husband is buying the house in his name only. We have not had a problem so far.
The mortgage lender is aware of me.0 -
Just curious but why should a property be in both names.
Not everyone has or wants joint finances ( I don't and I am married ! House and mortgage in my name only) surely it's a huge risk to combine finances in any way.
Not to mention extremely difficult to untangle in the event of a divorce.
Why on earth would you recommend it?
How does your spouse feel about not owning the house they live in?
If it was the other way round, would you be happy about not owning the house you live in?Early retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
He plans to buy a rental in the next year or so but will do what's right for him investment wise.
Not sure why it matters , preferred to buy a property to live in first.
As to how would I feel not owning the house I live in, if I rented and kept money in savings instead it would the same result no? Just I decided a house to live in would be a better investment then The low interest rates savings were getting.
Point is our finances are separate, later on who knows might rent this one out and live in a house he owns then I woould pay him rent, just like he pays me rent now.
But we have nothing joint financially at all and do not have any joint pool of money even for day to day items
My money is mine and his is his.
It was more curious as to why entangling finances was felt to be a good thing0 -
We also don't have any joint finances - other than a savings account which obviously wouldn't appear on a Credit Report.
We like it that way. We've both been burnt by joint finances with past partners and this works for us.
We're married with a small child and mortgage is in husbands name only.0
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