Whose name on the mortgage?

flossy_splodge

Having just been reading another post on a different subject it implied that if there are a married couple, any mortgage taken out would have to be in joint names.

Is this true?

I have a family member who is married to someone I trust about as far as I can throw them and they are about to buy their first own house together.

They are getting the mortgage from his previous employer and he has said as she is in a new job with no employment history in that job her name 'cannot' be put on the mortgage/deeds until she has been working in this role for at least a year.

Is this likely to be true?

I think he's working some sort of scam and she's unable to see it.

He's a total control freak and everything has to be done his way.

He acknowledges I am better with 'personal' finance than him (even tho he works in the financial sector)  but cuts up really rough if I have the temerity to ask any questions.

I am really worried about her long term future and financial security.

Anyone have any knowledge (as opposed to personal opinion) as to the truth of what he's saying?

Thanks.

MEM62

flossy_splodge said:

Having just been reading another post on a different subject it implied that if there are a married couple, any mortgage taken out would have to be in joint names.

Is this true?

No, that's absolute rubbish.  

sallysaver

If she is working and is out of her probationary period (if there is one) and her job is  permanent, her salary would most certainly be taken into consideration, therefore her name would be on the mortgage application form and ultimately the property would be bought in joint names.

I think you have a right to be concerned.

Spendless

If her salary is being taken into account then her name will need to be on the mortgage.  If enough money can be borrowed for the house in just the husband's name then it can go in his name only. I'm not on our mortgage (married 22 years, had house for 20) because I already owned a house that was in negative equity at the time and though I later sold it over the years that re-mortgage has happened, there's always been some reason that we didn't add my name (eg an offer that ended that same day an enquiry was made  at  a favourable rate from our bank). Now we're around a year away from it finishing and I asked on this site recently if it was something we needed to do before it ended and got told by more than one person that we didn't. Marriage gives protection, so if husband is 'shady' and thinks this way it'll be fully be his house in the event of a split, then he's wrong.  

Mojisola

Spendless said:

Marriage gives protection, so if husband is 'shady' and thinks this way it'll be fully be his house in the event of a split, then he's wrong.  

But he could remortgage the house without her knowledge and spend/hide a lot of the money.

Spendless

Mojisola said:

Spendless said:

Marriage gives protection, so if husband is 'shady' and thinks this way it'll be fully be his house in the event of a split, then he's wrong.  

But he could remortgage the house without her knowledge and spend/hide a lot of the money.

Certainly if/when there becomes equity in it. In our case I would be able to see that the mortgage payments had increased as the money leaves our joint current account. 

HampshireH

At the end of the day she married him and she wants to buy a house with him. She is already committed to him & presumably your not all over their day to day financial arrangements.

I don't think it's your place to get involved beyond pointing out it can be joint. Perhaps the best approach would be to just let her know she can be added depending on her circumstances etc and let her make her own decisions.

MEM62

sallysaver said:

If she is working and is out of her probationary period (if there is one) and her job is  permanent, her salary would most certainly could be taken into consideration, therefore her name would be on the mortgage application form and ultimately the property would be bought in joint names.

Corrected that for you.  

Mojisola

flossy_splodge said:

I have a family member who is married to someone I trust about as far as I can throw them and they are about to buy their first own house together.

They are getting the mortgage from his previous employer and he has said as she is in a new job with no employment history in that job her name 'cannot' be put on the mortgage/deeds until she has been working in this role for at least a year.

I think he's working some sort of scam and she's unable to see it.

He's a total control freak and everything has to be done his way.

If he does end up the sole owner of the house, she should register her right to the property with the Land Registry -

www.gov.uk/government/publications/notice-of-home-rights-registration-hr1

That will give some protection against him remortgaging or selling.

TBagpuss

There's no requirement for both to be on the mortgage, equally, unless she has bad credit there's no reason why it can't be - although if she has only recently changed jobs it may be that her being added wont change the amount they can borrow, or won't change it by much.

It would be sensible for hr to propose to him that they apply in joint names and if there are any issues, that they discuss it with the mortgage adviser / lender.

If she isn't willing to push it then she should register her matrimonial home rights as soon as the sale goes through- it doesn't disadvantage her husband in any way, it would only ever cause him problems if he was seeking to sell or remortgage behind her back. 

flossy_splodge

Thanks for all the responses. I just need now to get her to read this thread and hope she has the courage to stand firm. I think she is in some way scared to go 'against' him even if only by asking questions - a situation that incites him!