Adding wife to deeds/mortgage

Ted1066

Looking for advice thanks in advance

I currently own a house with my wife in Northern Ireland value of house 300000 mortgage 140000
I am currently in a deal with Barclays fixed 2 percent until 2024
My wife wants to be added on to the mortgage deeds for security
What is the best way to do this as there are large fees to get out of the deal we are in and then start a joint application
Luckily we have no money worries
Is it possible for me to continue on the deal I’m on still paying as I do every month but just adding my wife on
What are my options
Thanks in advance

Ted1066

Just to add I earn 40000 a year and my wife 8000
Thanks

Ted1066

Also I’m in a pension scheme in work that if anything happens to me my wife would receive 140000 cash payment and 1200 a month which would clear mortgage and keep her comfortable

[Deleted User]

Just call Barclays and ask to add her to the mortgage. she will be assessed against credit policy to make sure she qualifies and current affordability rules as a joint application but otherwise they should just charge about £150 to £200 admin fee and approve the change. You will also need a conveyancing solicitor to do some work to change the title. Expect to pay around £400 in total for it all. Maybe more if using a high street firm

Ted1066

They said I would have to cancel current mortgage and have to pay early repayment charges and then apply again (that was a person in call centre) so I will make an appointment at local branch don’t want to pay thousands to cancel existing mortgage and then reapply

[Deleted User]

Maybe i am wrong, the online blurb says they will discuss to see if a new rate is better. I assumed it would be optional. Brokers dont tend to do these as its internal admin work.

When i worked in Halifax direct we didnt have to break the rates to add parties to the account

Post back once you have found out, will be interested to know

Ted1066

Sorry another question
Can I keep my mortgage the same with just myself on the account but add my wife to the house dress
Thanks in advance

BoGoF

The house dress?

Carrot007

BoGoF wrote: »

The house dress?

Deeds obviously. And obviously also no. (unless say 40% LTV, and even then...).

[Deleted User]

Hsbc direct used to offer (and may still do) mortgages where 1 person was on mortgage and the deeds were in 2.
Not sure if anyone else does. Seemed odd to me.
Generally speaking you will have to have all people on deeds named on the mortgage as well

davidmcn

OP, is there a particular reason why you're wanting to do this? If you're a married couple and it's the matrimonial home, your wife is pretty well protected as it is.