Adding my wife name in the mortgage?

everfor007

I am buying property and 95% deposit paying through my saving and rest 5% is coming from my wife saving, she is transferring to my account and My wife earning is very little. <25K PA.  I am taking the entire  responsibility to pay the mortgage.  When i am speaking conveyancing solicitor, they mentioned to add my wife name in the purchase deed it has come from mortgage lender.  In my above mentioned scenario on wife low sal, does lender  will allow to add my wife in the purchase deed?

And most important thing i want to know, In future when i sold the property and if capital gains tax is applicable, then how much percentage will spilt me and my wife?
 if it's 50:50  then both of us will save some tax money.. Any advise please?

dimbo61

Are you buying a property to live in ?
If so No Capital Gains Tax to pay as it's your home.
Why would you not add your wife onto the mortgage ? 
Her income may well help get the mortgage as the lender now has 2 people to chase if you don't pay the mortgage each month.
PS you are married so hence financially linked so Work like a team.
It will of course be in your interests to pay the mortgage 
" WE are responsible for paying the mortgage " 

K_S

everfor007 said:

I am buying property and 95% deposit paying through my saving and rest 5% is coming from my wife saving, she is transferring to my account and My wife earning is very little. <25K PA.  I am taking the entire  responsibility to pay the mortgage.  When i am speaking conveyancing solicitor, they mentioned to add my wife name in the purchase deed it has come from mortgage lender.  In my above mentioned scenario on wife low sal, does lender  will allow to add my wife in the purchase deed?

@everfor007 Essentially a part of your deposit has been gifted to your by your wife. Was that included in the mortgage application? The policy towards that depends on the lender you are using -
- Some will not allow you to leave your spouse out of the application without a good reason (eg: visa or residency status)
- Some will allow you to leave your spouse off, but will not allow them to contribute to the deposit
- Some are fine with leaving your spouse off and having them contribute to the deposit

The wife's income could be 0 and still be on the application, that's not a barrier.