Adding wife to deeds/mortgage

Mojisola

davidmcn wrote: »

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.

His wife would have no say if he decided to max out a mortgage on the family home and spend the money - she could think they have a secure home when they had nothing but debt.

davidmcn

Mojisola wrote: »

His wife would have no say if he decided to max out a mortgage on the family home and spend the money - she could think they have a secure home when they had nothing but debt.

Same could apply with a joint "all sums" security, surely?

Ted1066

Hi thanks for reply
The reason is my wife will feel more secure if she is on the deeds
The problem is we are in year 3 of a 7 year deal with a fee of 7500 to get out
Is there any way we could add her to the deeds but continue with current mortgage
What are my options
Thanks

Let_Us_See

"Same could apply with a joint "all sums" security, surely?"


No. With a joint mortgage, all parties have to agree to additional borrowing.

Let_Us_See

"Is there any way we could add her to the deeds but continue with current mortgage. What are my options ."


If the lender declines, then apart from re-mortgaging and paying the ERC, then there is nothing you can do mortgage wise.


Make sure you have adequate life cover and specifically make the bequest in your Will that your wife inherits your marital home.

Mojisola

Ted1066 wrote: »

The reason is my wife will feel more secure if she is on the deeds

The problem is we are in year 3 of a 7 year deal with a fee of 7500 to get out

What are my options

She could register a notice of home rights on the property until you are able to get a new joint mortgage without paying the fee. That will give her some protection in case you try to sell or remortgage the property.

Do you have a will, leaving the property to her?

davidmcn

Let_Us_See wrote: »

With a joint mortgage, all parties have to agree to additional borrowing.

Even if the security covers all borrowing either party has with the bank?

Let_Us_See

Apologies, I don't quite understand your query.


However, any joint mortgage requires joint agreement to any alteration, including additional borrowing.