Remortgaging in my name only (without my wife)

lcfcstephen

Hi all,
I currently have a mortgage on what was a new build property. I got a five year fix, and that ends in 18 months time. My plan is to remortgage the property to include the 20% Help to Buy aspect, this should total less than £90k which I should be able to service with my salary of around £25k. However, I've realised that there may be an issue with my wife not being on the mortgage? She has a large deposit in a Lifetime ISA with which the plan is to help build a large deposit for the next house (we are unlikely to stay in this one for many years as it's a two build house and we have a baby due any day now). So my question is whether I'll be able to get a mortgage in my name only even though most of our bank accounts are in joint names, and we've been married for three years and will have a child. 

Clearly, if that is unlikely to happen, we should withdraw that LISA and use it for the remortgage, but theres a withdrawal penalty, so we will lose money on this, so I want to check the possibilities out so that she doesn't waste a further 18 months of saving into the LISA when we're going to get lose out than we put in, if we're not able to use it for a deposit for our next house.

I feel like I might not have explained that well, so please ask me questions if it's not clear! Sorry.

Thrugelmir

Why do you feel it necccesary to remortgage in your name alone? 

[Deleted User]

You can have the property and mortgage in your name. Ive done this plenty of times whilst having various husbands ! Lol 

lcfcstephen

Thrugelmir said:

Why do you feel it necccesary to remortgage in your name alone? 

Because if I remortgaged with my wife included, she would no longer be able to use her Lifetime ISA as she'd have already owned a property, prior to using the LISA as part of the deposit for our next house.

FtbDreaming

If she isn't on the mortgage now then surely theres no need to add her on? Just remortgage alone then when you buy the next house do it together

lcfcstephen

FtbDreaming said:

If she isn't on the mortgage now then surely theres no need to add her on? Just remortgage alone then when you buy the next house do it together

Thank you, that's what I thought, I was mainly wondering if the mortgage people would think that it would be a bit odd, or if it would hinder me in anyway. But I think from the people above, that is unlikely, which puts my mind at ease!

WorldCitizen

Don't do 'remortgage' -which means don't change the lender. Just choose another deal with your existing lender, usually online. 
That way you won't need to show any new circumstances in your life.
If you change lenders, then your application will go through all the process with affordability, family members, dependants etc.

Mortgage_Adviser

lcfcstephen said:

Thrugelmir said:

Why do you feel it necccesary to remortgage in your name alone? 

Because if I remortgaged with my wife included, she would no longer be able to use her Lifetime ISA as she'd have already owned a property, prior to using the LISA as part of the deposit for our next house.

Not sure how it works with the Life time ISA's but with the stamp duty, she will not be classed as a first time buyer as she is legally married to a house owner

lcfcstephen

Mortgage_Adviser said:

lcfcstephen said:

Thrugelmir said:

Why do you feel it necccesary to remortgage in your name alone? 

Because if I remortgaged with my wife included, she would no longer be able to use her Lifetime ISA as she'd have already owned a property, prior to using the LISA as part of the deposit for our next house.

Not sure how it works with the Life time ISA's but with the stamp duty, she will not be classed as a first time buyer as she is legally married to a house owner

I can't find anything online that reflects this? But equally I can't find anything online that explicitly says that this is incorrect. I'm not sure how she'd be classed as a non first time buyer though as she would never have owned a house even though she is married to me, a home owner.

Brock_and_Roll

HMRC: ‘“to count as a first-time buyer, a purchaser must not, either alone or with others, have previously acquired a major interest in a dwelling or an equivalent interest in land situated anywhere in the world”
...so should be ok.