Mortgage in Spouse’s Name Only?

abercrombie

Sorry if this has already been posted somewhere but I couldn’t find this.

My husband and I are currently in the process of buying a house, however, due to my credit rating the mortgage will be in his name only.

As I will be living there but not named on the mortgage the lender have said I need to sign a form to say that I have no interest in the property.

I was just wondering if this is normal?

Thanks ��

[Deleted User]

abercrombie wrote: »

Sorry if this has already been posted somewhere but I couldn’t find this.

My husband and I are currently in the process of buying a house, however, due to my credit rating the mortgage will be in his name only.

As I will be living there but not named on the mortgage the lender have said I need to sign a form to say that I have no interest in the property.

I was just wondering if this is normal?

Thanks ��

Yes it's perfectly normal. Your husband will be the one who is legally responsible for making the mortgage payments. Should he fall behind the lender wants to be able to repossess the property without you being able stop the process by claiming a beneficial interest.

Are you absolutely positive you cannot be party to the mortgage? Have you used a mortgage broker to find a mortgage? What's so bad in your credit history that prevents you from being on the mortgage? People with defaults and even CCJ can get mortgages depending on how old they are, size of deposit, etc.

abercrombie

I’m in a DMP at the moment and we tried brokers etc and they couldn’t help.

So the form they want me to sign doesn’t affect my rights as a spouse?

davidmcn

abercrombie wrote: »

I’m in a DMP at the moment and we tried brokers etc and they couldn’t help.

So the form they want me to sign doesn’t affect my rights as a spouse?

No, it doesn't actually mean you're giving up your rights versus your spouse, just that you won't obstruct the lender repossessing the property.

robatwork

100% normal.

Will the house also just be in his name?

In practice you shouldn't worry as you're his spouse you're still entitled to a split of any equity should you divorce. You should ensure you both have wills to save any complication if the worst happens.