Joint but not so joint application

Waterfall19

Dear all,


I am just about to acquire a new home. I would like my wife to be on the title deeds but she can't contribute financially and therefore wouldn't be worthwhile doing a joint application.
Any ideas i can keep her happy or a walk around?

ACG

She is your wife, so she either goes on the application with no income or you reduce your choice of lenders and do a sole application with 1 dependant.

Only one lender will allow you both on the deeds but one on the mortgage so by doing what you are wanting to do you are reducing your options significantly.

I would personally look at doing a joint application.

Also, if there is only your name on the application and you pass away your wife will be left trying to get a new mortgage with no income. Not so bad if you have life insurance I suppose as she can clear the mortgage but if not then she is in a difficult position.

Waterfall19

Thank you.

Not to sure other than keeping the peace, is the benefit of adding her. I would have life insurance to settle the mortgage.

ACG

I could copy and paste my post as it gives the reasons, but I will make it a list instead...

- Your options will be reduced by not including her on the application.
- Your option(s) will be reduced to 1 if you want her on the deeds but not the Mortgage.
- You will still have to declare her as a dependent, so even if not a joint application and one income it will be a single application with 1 dependent (or more if you have kid(s)).
- If you were to pass away she will be stuck trying to deal with a company who will not speak to her as she is not party to the mortgage.

jaybeetoo

Just put your wife on the mortgage application. I don’t understand why you wouldn’t - it doesn’t make any sense not to.

Waterfall19

Because can not afford to contribute. Her adverse credit score may effect my Application

Waterfall19

Thank you.

I understand your point. However I have received a mortgage in principle as the sole applicant so I don’t need her income to be considered. Plus She can’t contribute financially.

obay

Waterfall19 wrote: »

Thank you.

I understand your point. However I have received a mortgage in principle as the sole applicant so I don’t need her income to be considered. Plus She can’t contribute financially.

What if she can later on in life?

Your effectively saying you cant pay now so you won't be able to pay later.

Later in life, when you need her to pay she won't as she doesn't need to, as she isn't the one on the mortgage...

Waterfall19

obay wrote: »

What if she can later on in life?

Your effectively saying you cant pay now so you won't be able to pay later.

Later in life, when you need her to pay she won't as she doesn't need to, as she isn't the one on the mortgage...

I want her on the mortgage!!!

Thrugelmir

Waterfall19 wrote: »

I want her on the mortgage!!!

Then you need to get her finances and credit profile in order. If they are in a poor state.

Grezz24

we did a joint mortgage but with my salary only as my wife had recently started a new job and affordability wise we were fine with my salary.

my wife is still on the mortgage and still on the deeds this way.

Ask your broker if this would be possible, if you can match affordability wise i cant see that being an issue.