Mortgage + Property Ownership

mike1967

Hi advice, guidance etc.

I have a property in my name only (purchased before married), and two mortgages in my name only (taken out before married when the current house was purchased 7 years ago) One mortgage was existing (my previous house that only I lived in), the second to cover the costs for the new/larger/more expensive house.

I pay the mortgage and will remain the only contributor to the mortgage - my wife has no income and hasn't had employment for 6 years (before we married - but now looks after our your children 3 and 2)

I aim to pay the mortgage off early with bonuses etc.

I do not want to re mortgage as the rates I have are extremely competitive and i wouldnt get anything like them again! (Tracker mortgages)

We would like to add my wife to the Land Registry Property Deeds - and potentially the mortgage. Although I don't see what adding my wife to the mortgage will do, as she has no income and wont be paying?

If we change the deeds is this a simple task? i.e. contact Land Registry? can a covernant be placed i.e. % of ownership and is this something that that should or could even be considered?

sorry lots of questions - I want some advice guidance before I speak with the bank (mortgage lender)

TrickyDicky101

You can't change the title registry without the consent of the lender who holds the mortgage. This will not be cost-free and there could be other charges to pay depending on the size of the mortgage. Is there only one property involved or two (I wasn't sure from your description)?

What do you/your wife hope to achieve by having her name included on the title register?

mike1967

only one property involved...

i believe she feels that she just wants security in having a title to it?