Joint or Single Mortgage

Scoobymoo

Hi

Apologies if this is a bit of silly question but I can't seem to find any straightforward answers! Myself and husband jointly own our property and are just undertaking the process of remortgaging. We were both on the previous mortgage as I was earning but I am now a stay at home mum.

Is there any point us both being on the new mortgage now I have no salary or is there anything we should be aware of if we did do this?

Thank you!

TBagpuss

The lender may not be happy for your husband to have the mortgage in his sole name if the house is in joint nbames, and it is not in our interess to come off the deeds.

Also, if you are not on the mortgage, then you can't automatically access any information about it, so could not check whether payments were being kept up.

The only real benefit would be to give you some protection in the vent that the mortgage went into arrears and the house was repossessed, but the lender would require confirmation from you (if they agreed a sole name mortgage at all) that your interests would be subject to the lender's prior claim, so all it would really protect you from would be from being pursued for any shortfall if the house were repossessed and the sale price was not enough to pay off the mortgage.

You might also find it useful to be in the mortgage as if it is in joint names it will show up on your credit records, so you may find (assuming that the mortgage is paid on time each month!) that it is useful as it establishes a credit record for you.

Scoobymoo

Thank you, that's really useful.

Wh05apk

Absolutely no advantage in coming off the mortgage now, I doubt any lender would allow it in sole names anyway as you have a claim over the property, if you could do in sole name it would likely cost £4-500 to have you removed.