Suggestion needed:Single or joint mortgage

charlotte4940

Hi,

Ive recently received a full mortgage offer. I have 1 child and my husband is self employed. We did the mortgage application in my name only due to him not being able to go on due to defaults. They know I have a child and that my husand will be living at the property but they didnt say he needed to be included in the mortgage.

I know he has to sign a deed of consent because he will be living there but it didnt effect my affordability.

ACG

Rollinghills wrote: »

I actually think it's outrageous a stay at home mum is considered as a liability not an asset! I am planning on going back to work, surely, having a wife who can potentially work and add to family income should be a plus not a negative? I am very annoyed by this!

As a stay at home mum, you cost money. You eat, drink, use electricity, gas, water yet your bringing no money into the household.

Your saving on childcare costs, but childcare costs as £0 have been factored in elsewhere.

Sorry to be blunt, but regardless of your intentions and other benefits you bring to the household a mortgage comes down to pounds shilling and pence.

Rollinghills

ACG wrote: »

As a stay at home mum, you cost money. You eat, drink, use electricity, gas, water yet your bringing no money into the household.

Your saving on childcare costs, but childcare costs as £0 have been factored in elsewhere.

Sorry to be blunt, but regardless of your intentions and other benefits you bring to the household a mortgage comes down to pounds shilling and pence.

Yes, absolutely agreed! But, in a sole application, I am entered as a dependant. So I cost all that money etc. When I am entered as a non-earning applicant I still cost my husband the same amount of money. Total household income doesn't change. So I would expect that the total my husband can borrow would be the same under these 2 scenarios. But it isn't! This is what doesn't make sense. When I am entered as an applicant and not as a dependant the amount nationwide is willing to lend us decreases by a significant amount (50-60k). This is without doing any credit check so my credit rating is not taken into account, it's just how the system appears to be set up.

ACG

I see your point. This is where knowing the lenders systems and quirks comes into play.

There is a high street lender for instance who will disregard childcare costs. You could be spending £500 a month or more and they still ignore it as an expense!

calltobala

Thanks everyone for their point of view and it helped me to understand our situation before approaching Mortgage.

ichidan

andyfromotley wrote: »

And under the law it is recognised. Irrespective of whose name is on the mortgage for legal (and divorce purposes) its a marital asset.

The key word in the OP's post being wife. If it was 'partner' then a completely different ball game.

Can some one tell me what is the advantage of being married? (aside from a discount going to Disney World Orlando?)

I've been with my partner for 7 years. 6 years as girlfriend, and almost 1 year as wife. I was always hesitant about getting married as I'm an atheist, and believe a relationship is between two entities (2 people), not three/four (2 people + government/church). I was always worried that the government would treat married couples different to non-married.

I'm at the point where I'm seriously considering a divorce, because this is not the deal I had in mind. I married my girlfriend, not the government or the church.

O/T but my cousin is a muslim convert, 'Islamically' married to 3 women, but not legally married under British law to any. So he qualifies to Help to Buy, and his wives are not considered dependents.

At the end of the day, we're all trying to get by in this world. What matters to me is that my family can live in a comfortable stable home, and if getting a divorce is necessary to increase the chances that it can happen, as crazy as it sounds, then that's gonna have to be the way. At least until the law changes to keep things consistent.