Mortgage Question

donlste

Hi there

I'm after some advice in regards to getting a mortgage please.

My Husband and I are looking at up sizing in about 18 months, however there is a bit of background to my question.

My Husband owns our home outright. He has never had a mortgage on the house, as he bought it outright 20 years ago, to which I've been living here for 5 years.

As my Husband has the equity out of this house for his half, I will be taking the mortgage out on my half (give or take, as if he is in the position to put more, he will).

My question is, is that I'm trying to save as much as possible to which I'm transferring to one of his savings accounts. When it comes to a mortgage application, will they understand that this is the reason why these transfers having been going out of my account?

We can also give statements from this savings account to show no money has been withdrawn.


Many thanks

anselld

Don't think either of you have grasped the idea of Marital Assets.

The Mortgage Co will probably be more suspicious of why only one party is applying for a mortgage when both parties will be living there and on the deeds.

donlste

Hi there

Thank you for your reply.

I probably don’t understand marital assets as this is all new to me.

My Husband would be providing half of the value of the house as a deposit. Why would this be deemed as suspicious? Can you only be named on deeds if you are taking out the mortgage?

Many thanks

amnblog

You cannot get a mortgage on 'half the house'.

You can both get a mortgage on 'the house' and legally set out who gets what if you later sell.

anselld

amnblog wrote: »

and legally set out who gets what if you later sell.

.. which would have little or no legal standing in divorce proceedings except in the case of a very short marriage.