Single Mortgage Application When Married

mwoodsh45

I'm married but I'm the only one on the mortgage application, deposit is entirely through my earnings as well. My solicitor is asking me to confirm, if any adult would be occupying the property after completion. Even though my partner will most likely move-in with me, I do not want to drag her name into the application (reason is that she shuttles between UK and her country of origin where she is controlling a business). So UK is not her permanent residence.

What implication does this have if I maintain my stance that I'm the only one to occupy the property and she finally decides to stay permanently in the UK at some point in future?

user1977

For any married couple (who haven't actually split up) I would expect the lender would require the spouse to consent to the mortgage.

mwoodsh45

user1977 said:

For any married couple (who haven't actually split up) I would expect the lender would require the spouse to consent to the mortgage.

What does actually split up means here? What if things aren't going on well in between them but they haven't actually divorced? In this case, mortgage have to wait till whenever 'split up' is finalised? 

K_S

mwoodsh45 said:

I'm married but I'm the only one on the mortgage application, deposit is entirely through my earnings as well. My solicitor is asking me to confirm, if any adult would be occupying the property after completion. Even though my partner will most likely move-in with me, I do not want to drag her name into the application (reason is that she shuttles between UK and her country of origin where she is controlling a business). So UK is not her permanent residence.

What implication does this have if I maintain my stance that I'm the only one to occupy the property and she finally decides to stay permanently in the UK at some point in future?

@mwoodsh45 With respect to married individuals applying in their sole name, very generally speaking lenders fall into the following categories (or a mix and match of the below) -

1. Those that do not allow you to leave the spouse off the application unless it's for a reason like visa status, etc. Not being a UK resident may count as an acceptable reason.

2. Those that are fine as long as the spouse isn't contributing to the deposit.

3. Those that don't care about either of the above but require any non-borrower adult occupiers to sign a consent form during the conveyancing process.

If your wife isn't resident in the UK, then you may not have to put her down as an occupant.

user1977

mwoodsh45 said:

user1977 said:

For any married couple (who haven't actually split up) I would expect the lender would require the spouse to consent to the mortgage.

What does actually split up means here? What if things aren't going on well in between them but they haven't actually divorced? In this case, mortgage have to wait till whenever 'split up' is finalised? 

Is that relevant to your circumstances?

mwoodsh45

user1977 said:

mwoodsh45 said:

user1977 said:

For any married couple (who haven't actually split up) I would expect the lender would require the spouse to consent to the mortgage.

What does actually split up means here? What if things aren't going on well in between them but they haven't actually divorced? In this case, mortgage have to wait till whenever 'split up' is finalised? 

Is that relevant to your circumstances?

Yes, it is. So?

kingstreet

Will she reside in the property on the day completion takes place?

If she does, a consent to mortgage form is required as it prevents her claiming an implied tenancy in the event of repossession.

If she won't, it doesn't matter as she is deemed bound by the mortgage deed when it is already in place.

mwoodsh45

kingstreet said:

Will she reside in the property on the day completion takes place?

If she does, a consent to mortgage form is required as it prevents her claiming an implied tenancy in the event of repossession.

If she won't, it doesn't matter as she is deemed bound by the mortgage deed when it is already in place.

Yes, she would live in the property when completion takes place, she plans to travel to her country of origin sometimes around July

Thrugelmir

mwoodsh45 said:

 My solicitor is asking me to confirm, if any adult would be occupying the property after completion. 

It's a straight forward question to answer either yes or no. Your wife will be asked to sign an occupiers consent form (recommended that independent legal advice is sought).  By signing the form your wife will confirm and agree with the lender that :- 

• You are, or are about to be, in actual occupation of the Property (but not as a tenant);
• You consent to the Borrower creating (and registering) the mortgage in favour of the Lender to secure the loan and any further advance(s);
• You accept the amount secured by the mortgage can vary from time to time and will include the loan(s), interest and all other sums payable to the Lender in connection with the loan(s);
• You agree that your additional consent will not be required for any further advances;
• You agree that any estate, interest or rights you have in the Property or its proceeds of sale (including any charge arising in respect of any matrimonial or civil partnership home rights by virtue of section 31 of the Family Law Act 1996) now or at a later date are postponed to, and take effect after, the rights, interests and remedies of the Lender under the mortgage;
• You charge all (if any) of your estate, interest and rights in the Property or the proceeds of sale of the Property to the Lender as a continuing security for the payment of all money and liabilities secured by the mortgage;
• You agree not to assert or rely on any such estate, interest or rights in a manner which may obstruct, delay or hinder the orderly realisation of the Lender’s security over the Property;
• You understand the Lender may enforce the mortgage by seeking a court order for possession of the Property, by selling the Property and/or by appointing a receiver to manage the Property;
• You agree that if the Lender or any receiver obtains a court order for possession of the Property, you will leave the Property;
• You agree that the Lender’s rights under this Deed of Consent will not be affected by the Lender giving the Borrower extra time to pay what is owed under the mortgage or any other indulgence; and
• You agree the Lender may at any time transfer, charge or otherwise dispose of the mortgage.