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Married couple, one income. Joint mortgage; yes or no?
red_imps_2003
Posts: 160 Forumite
My wife and I are about to purchase a home. We will be relying solely on my income for the mortgage so I had assumed we would apply just in my name. However, during an initial consultation our mortgage advisor strongly advised a joint application. I never really got a clear explanation as to the practical benefits of doing so.
My wife is currently not in employment, raising our children (i.e. dependents) so, as I say, we will be applying for just what we can afford comfortably on my income.
What are the benefits/negatives to a joint application vs just applying in my name?
My wife is currently not in employment, raising our children (i.e. dependents) so, as I say, we will be applying for just what we can afford comfortably on my income.
What are the benefits/negatives to a joint application vs just applying in my name?
0
Comments
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Mortgage Co don't like / disallow people who are not party to the mortgage to have joint ownership of the property.
She can still be a joint applicant and the affordability can still be done on your income only. They are your dependents anyway regardless of who is on the application.0 -
Yep - if you apply in your sole name you will have to own the house in your sole name. Name(s) on the mortgage = name(s) on the deeds. Your wife may not like not being on the deeds!
Can't think of a downside to a joint application. As above, your wife and children will count as dependents for the affordability whether your wife forms part of the application or not.0 -
Yep - if you apply in your sole name you will have to own the house in your sole name. Name(s) on the mortgage = name(s) on the deeds. Your wife may not like not being on the deeds!
Not necessarily true for all lenders. Few years back I took a mortgage for my house where I was alone in mortgage yet my wife was co-owner in the deed.Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0 -
I have no desire to be on any deeds of the house etc. However as we are married according to our mortgage broker, I had to be on everything.0
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I you have joint mortgage you will both need to be in agreement if you want to do anything different with that mortgage (re mortgage, change term from capital &interest to interest only etc)
There might be situations in the future that not requiring her to agree any changes may be of benefit to you.Debt is a symptom, solve the problem.0
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