Deeds/mortgage

Leilah81

Can I have my name on the deeds but not mortgage? I am married , my husbands credit is good mine isn’t so I didn’t want to be on the mortgage in case it hurts his application but for security want to be on the deeds is this possible? We are first time buyers both 39, married 16 years 

MattMattMattUK

Leilah81 said:

Can I have my name on the deeds but not mortgage?

No, no lender will allow you to be on the deeds but not the mortgage. 

Leilah81 said:

I am married , my husbands credit is good mine isn’t so I didn’t want to be on the mortgage in case it hurts his application but for security want to be on the deeds is this possible? 

You are financially linked and you will have an interest in the property because you are married and is is your marital home so no, you have to be on the mortgage and deeds. Your credit will have a impact on his application because of your financially linked status. 

Speak to a broker, they will be able to guide you through the best options. You may have to go with a lender who deals with those with adverse credit, but unless your credit record is littered with CCJs or a bankruptcy it should not be impossible to get a mortgage, you will probably just pay a slightly higher rate of interest. 

Leilah81

Thanks I appreciate the information , I’m thinking I’ll just a legal document drawn up then that if we were to divorce I am entitled to 50% of the house do you think that’s an option?

MattMattMattUK

Leilah81 said:

Thanks I appreciate the information , I’m thinking I’ll just a legal document drawn up then that if we were to divorce I am entitled to 50% of the house do you think that’s an option?

You are married, you are entitled to 50% regardless of if your name is on the deeds or not.

Leilah81

With saying that is it worth me having that document drawn up or not bother? 

MattMattMattUK

Leilah81 said:

With saying that is it worth me having that document drawn up or not bother? 

Not worth the bother, it is legally meaningless and to your husband it will seem like you are planning divorce.

scottishblondie

MattMattMattUK said:

No, no lender will allow you to be on the deeds but not the mortgage. 

Generally this is true, with one exception that I know of.  HSBC allow joint ownership with only one borrower - I was on the mortgage but both myself and my then-fiance were on the deeds.  However, they are also one of the strictest lenders around.