ownership joint/mortgage sole

dottyotty

Husband is applying for mortgage in his sole name due to me being a full time carer for our disabled baby and therefore having no income as such in my own name (other than the pittance carers allowance I receive) and also because I have a couple of late payments from last year that are clear now but still show on my credit record as a '1' and unfortunately I am slightly over my limit on a £750 limit credit card, will be within the limit by next week and not in arrears with payments or anything.

What we would like to know is, can the new house we are buying go in both our names even though I am not on the mortgage application? We are putting down a decent deposit from equity in current house and will be borrowing about 70k with the new house costing 130k.

Feeling very inadequate at the moment due to having a pretty scarey twelve months with our new baby who has tons of health problems, and also having gone from a good 'working' person who was very mortgage-worthy to being a lowest of the low (financial risk wise) full time carer with no income that counts!

Husband has no problems getting the mortgage in just his name but does this mean the house we buy has to be in just his name too?

tomatopuree

You will need to inform your lender that both your names will be registered with the Land Registry (this may affect their decision to lend, but equally may not) but your solicitor can ensure you are named on the proprietorship register for the property.

I'm pretty sure this is right but others may know differently :beer:

dottyotty

Thanks for the advice, we will get back to the lenders about this then and see what they say.

dottyotty

Just to update, hubby asked the lenders about it being registered in both names and they said that if the application is in a sole name then the house must be registered in that same sole name too.

Seems a bit unfair really when the large deposit is coming from joint equity in our current joint property, but if it gets us the house we want then so be it.

Is there anything else I should be aware of to protect my future rights?

Dotty

UK007BullDog

Yes, you can be added to the mortgage. Who ever your husband talked to is useless. What about wife's or partners who do not work but are still added to the deeds.

You can instruct to be placed on the deeds.

Otherwise if they are being difficult then I suggest you get a will sorted asap.
Also make sure your husband gets protection in place for more than the outstanding mortgage, just in case something happens to him. That way the mortgage will be paid and you have extra to live off whilst looking after your child. The same goes for you too. So he can look after the child if something were to happen to you.

Which lender is this you have applied to?

neverdespairgirl

dottyotty wrote: »

Husband is applying for mortgage in his sole name due to me being a full time carer for our disabled baby and therefore having no income as such in my own name (other than the pittance carers allowance I receive)

Does that automatically affect it?

My parents always had joint mortgages when I was a child (still do, for that matter) and my mother wasn't working at all, no income except child benefit.

MortgageMamma

A full time home maker is eligible to go on the mortgage and this should not cause a lender to decline. they are quite happy to accept that as long as you can afford it. Lenders make deductions on affordability calculation for dependants, so your husband will be classed as having two dependants. As for your credit, you are not necessarily going to be on an adverse credit mortgage because of a few missed payments abd being slightly over the limit credit wise. There are one or two high street lenders who could look at this so you might be worried for nothing.

Have you enlisted the help of a whole of market mortgage broker to help you through this?

herbiesjp

dottyotty wrote: »

Husband has no problems getting the mortgage in just his name but does this mean the house we buy has to be in just his name too?

There is absolutely no problem you being on the mortgage, even if you have no income as such.

It will be based on both your credit histories, but on your husbands sole income - so as long as that is high enough you should be fine

dottyotty

Thanks for all the replies. We have already got an agreed in principle for a sole application and honestly dont want to rock the boat now by trying to get my name added to it, and prior to this our joint application with one account was turned down so we're going to stick with what we've been offered. It's a high street lender and seems a reasonable fixed rate. It would have been nice to have had the house in joint names but I can live without it, needs be and all that. The main thing is that we are just so happy to have sold in the present housing climate, and feel lucky to be able to get the house move we want. I think I was just having a 'feel sorry for me day', I'm ok now!

This is a fab forum and have found it really helpful.

dotty

UK007BullDog

For your own security it would be better for you to be added to the mortgage. Just in case you get divorced or your partner were to die or be incapacitated due to illness or accident.

zzzLazyDaisy

Also, if the house is in his sole name, he can make a will leaving it to whoever he chooses, whereas if it is in joint names it passes automatically to the survivor.

At the very least make sure he makes a will leaving everything to you.