Mortgage in one name, house in joint

zacepi

Hi, hopefully very simple question.

Planning to buy a house with my wife (joint tenants) but just me take out the mortgage. It's affordable on my salary.

Would that give the mortgage company (First Direct) any issues?

anfieldred

zacepi wrote: »

Hi, hopefully very simple question.

Planning to buy a house with my wife (joint tenants) but just me take out the mortgage. It's affordable on my salary.

Would that give the mortgage company (First Direct) any issues?

Depends on the lender - I know I couldn't with Halifax a few years ago. Not sure if it's a legal thing or not; hopefully someone with more knowledge on this will be along shortly.

davidmcn

If it's jointly owned then at the very least both owners will need to sign in order to create the legal charge over their property. Banks tend not to like this in case the non-borrowing owner complains they weren't properly advised about the risk of their property being repossessed (when they weren't even getting the benefit of the loan).

foxy-stoat

If there is a reason why the Wife cannot be on the mortgage then maybe you just buy it in your name only.

user1168934

Santander weren't happy with it some 5 years ago when I was buying. We had to put both names on mortgage although I have been on my own.

LRmortgage

There is only one lender that I’m aware of that will allow this arrangement.

We’re not allowed to name lenders on here as it could be construed as personal advice.

Speak to a decent broker, they should know who the lender is. Then they’ll have to see if the rest fits...

getmore4less

lender get named quite often on here.

old thread on the subject

where the borrower was not on the deeds


https://forums.moneysavingexpert.com/discussion/5763258/can-i-go-on-the-deeds-but-not-on-the-mortgage&highlight=hsbc+mortgage+house+joint

zacepi

Thanks all. Will rethink.

kingstreet

LRmortgage wrote: »

There is only one lender that I’m aware of that will allow this arrangement.

We’re not allowed to name lenders on here as it could be construed as personal advice.

Speak to a decent broker, they should know who the lender is. Then they’ll have to see if the rest fits...

It's direct only, so there's no point not mentioning HSBC as there's also no-one else.