Mortgage in sole name allowed? Married

Daisy-D_3

Hi, just after some advice on wether or not you are allowed to put a mortgage in husbands sole name or must you apply jointly? And can you apply in sole name for help to buy?
I have looked at the online forms and it doesn't say anything regarding this, just boxes to say how many adults etc live at the property, which we would put 2 down and 2 children.

We would be looking at Nationwide, using help to buy equity (looks the best buy from what I've seen)

We have done all the calculators and we can borrow more applying just in my husbands name rather than joint application, I have put our children and myself down as dependants of my husband in a sole application.
The reason for us wanting to go this way is my husband is the only earner, I am not working I look after our 2 children. All the money is from my husbands earnings, I don't mind if my name isn't on the property, I haven't contributed anything towards the costs of it.

We have looked at our finances and we can comfortably afford the payments on the mortgage we would like plus the help to buy repayments.

Thanks

PaulW922

Yes you can apply in a sole name. However if the property is to be owned in joint names that may cause some issues as it is used as security for the loan. Additionally the lender will probably look at your income and outgoings as a family because, effectively,your finances are linked.

kingstreet

Are you buying a newbuild?

What is the source of your deposit?

Nationwide aren't keen on sole applications from married couples, so expect increased scrutiny.

Daisy-D_3

Thanks for the quick response!

We haven't properly looked into all the inns & outs yet just thought it may be a better option.
Neither of us have any debt & all bills, household expenses come out of my husbands sole bank account anyway, would I be credit checked and need to give my banks statements even if I just went down as a dependant? This isn't a problem, just more paperwork needed.

When you say the property owned in joint names is that different to mortgage? Can you just put the property is owned by my husband?

Thanks

Daisy-D_3

Thanks Kingstreet

Yes newbuild, they don't go on sale till the end of the year so just looking at our options really.
The deposit is saved from my husbands wages, all in his sole savings account

Buzby

It may work against you if you do not make a joint application. Whether you contribute or not is irrelevant. They are wary of one spouse not bring party to the deal in case of any split. It means it is quite difficult to get vacant possession if the wife was not party to the agreement and the husband defaults.

As this has happened, most firms want all parties to enter into the loan agreement regardless of who pays. Without it, they may not be interested in offering a mortgage as their surety (the property) has folk they'll find difficulty and expense in removing.

Daisy-D_3

Ok thanks, might work out being more hassle than it is worth then.
We just thought why not just put it in my husbands name as he is the earner etc, and will be paying the mortgage and providing the deposit anyway plus the calculator said we could borrow more that way

plumfin

Our house was based on my earnings only, but the mortgage company insisted he went on the policy. They accept he has contributed nothing, legally speaking, but wouldn't proceed without him being on there. No problem from my point of view.

Daisy-D_3

Thanks Plumfin, I think we will probably have to go that way then, seemed a easier option but obviously not!

Just trying to get our heads around the whole process now & who's better to go with, mortgage advisor or not, timescales for applying etc etc I'm sure it wasn't this stressful the last times we've moved!

Jolinar

I've just applied for and got a mortgage in my name alone due to my husbands credit rating. It is possible. The mortgage was with Halifax and they didn't question the sole application.
HTH.

ethank

Daisy-D wrote: »

All the money is from my husbands earnings, I don't mind if my name isn't on the property, I haven't contributed anything towards the costs of it.

You might not think so, but you are at home looking after your children. That is your contribution!

For richer, for poorer, for better, for worse - this should be both of your properties - and if I were you, I would be ensuring that it is Mr & Mrs on the documentation. You can ask for the mortgage in both names, but based on his earnings only.