Adding my husbands name to the mortgage

puggiebu

Hi there everyone. Just wanted to know if anyone out there has any advice to give on this situation I have.

I have a mortgage at the moment with a bank in my sole name for the last 4 years. Since then I have gotten married and had a baby. I no longer work therefore I have no proof of income to show when it comes to remortgaging.
I really want to remortgage as there are plenty of better deals that I've seen that could potentially be saving me lots of money.

Therefore the only way I can see of being able to do so is to add my husbands name to the mortgage and thus use his income.
However, my husband is self-employed and has recently set up a limited company and you have to have at least 2 years of accounts or tax returns to show.
HOWEVER, he has been self-employed for the last 2 years under sole-trader status so would this count?

Also, does anyone know of the rough costs involved in adding a spouse to the mortgage?

Thanks in advance!

Thrugelmir

Not a question of adding. You'll need to make a full new application. Suggest you speak to a broker and let them look at your personal circumstances in detail.

NeilyC

Hi there,

This is certainly a bit of a tricky one for you but there are ways that you can approach this.

Firstly, you could contact your current lender to see what they can offer you. They already have the mortgage debt with yourself and as such they tend not to ask for proof of income. In their eyes, it’s better that you are on a lower deal with them because in paying less, there’s a reduced chance of you making any defaults. Similarly, right now you can remortgage and they lose all of the interest you’re paying, so tying you into a deal is good for them.

Without knowing all of the ins and outs of your husband’s situation, it’s difficult to pinpoint exactly how best to approach this, but there should be lenders who would be able to look at his self employment income from the past 2 years, provided that it is in the same line of work. Your best bet would be to speak to a specialist broker as they can approach multiple lenders on your behalf, thus saving you traipsing up and down the high street.

When it comes to costs, this is very subjective. Lenders who offer remortgages tend to include free basic legal work in this, but this wouldn’t include adding a name to the title. I would estimate this would be around £300-400, but it does vary. As an alternate idea, some lenders would offer you a cashback which is designed for you to use towards setting up your own legal team, which may be a better bet for you in this example.