We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Joint Tenants but one name on mortgage?
jassyv
Posts: 2 Newbie
Hi I wonder if anyone can clarify the current rules laws regarding a couple owning a house jointly but with only one of them on the mortgage?
My husband recently applied for a mortgage on our new home and the bank aproved it in principle and simply said i needed to take advice yet I am reading all over the place it isn't possible to do this. Even our solicitor hasn't raised any queries on it but said I may be required to consult an independent solicitor who will sign some sort of certificate.
Because I do not have any income and am 6 years older than my husband it seemed a good idea to apply for the mortgage in his name only to maximise the number of years the new mortgage could be held over, despite the fact we would be buying the property as tenants in common. I know if he defaulted on the mortgage/went bankrupt or whatever I would lose my home but that would happen anyhow as there is no way I could make the payments. I also know it would be prudent to update our wills.
I am worried that problems may arise a few weeks down the line and delay things.
My husband recently applied for a mortgage on our new home and the bank aproved it in principle and simply said i needed to take advice yet I am reading all over the place it isn't possible to do this. Even our solicitor hasn't raised any queries on it but said I may be required to consult an independent solicitor who will sign some sort of certificate.
Because I do not have any income and am 6 years older than my husband it seemed a good idea to apply for the mortgage in his name only to maximise the number of years the new mortgage could be held over, despite the fact we would be buying the property as tenants in common. I know if he defaulted on the mortgage/went bankrupt or whatever I would lose my home but that would happen anyhow as there is no way I could make the payments. I also know it would be prudent to update our wills.
I am worried that problems may arise a few weeks down the line and delay things.
0
Comments
-
Whether you are named on the mortgage or not makes little difference. As you will assessed as a dependent in terms of affordability on your husbands application.
Far better that you are named on the mortgage and therefore the title deeds.0 -
Which lender is allowing more owners than there are borrowers?
I don't think it's possible. If you give me the lender's name, I will call them and establish if it is.
The one person on here who told me I was wrong never came back when I questioned him on it.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards