Querying why husband not on mortgage

DAWN08 · 9 August 2018 at 11:50AM

Lender asking why husband not party to the mortgage - this is for a few reasons -

my personal choice - i earn the most
He recently started a new job
Hasnt the greatest credit
Is of different nationality (resident in UK for 4 years), occasionally received pay in euros in the last year

I know lenders can ask whatever the like before anyone starts - but wondering is it really their business (could be not on the mortgage for many reasons, none of which sinister but due to personal relationship preferences) - and whats the best way to phrase this to the lender?

thanks in advance for any helpful comments!

Carrot007 · 9 August 2018 at 11:53AM

DAWN08 wrote: »

but wondering is it really their business

If he is going to live in the house then yes it is!

haras_nosirrah · 9 August 2018 at 11:57AM

A lot of lenders won't allow a spouse to be resident in the property and not named on the mortgage. This is because the deposit money is legally joint money so he can claim rights over the property which the lenders don't like

DAWN08 · 9 August 2018 at 12:06PM

carrot - if you read the rest of my post youll see i acknowledge they can ask what the like, thanks for your helpful comment!

Thrugelmir · 9 August 2018 at 12:07PM

DAWN08 wrote: »

I know lenders can ask whatever the like before anyone starts - but wondering is it really their business (could be not on the mortgage for many reasons, none of which sinister but due to personal relationship preferences) - and whats the best way to phrase this to the lender?

Given that the lenders themselves are highly regulated, i.e. to lend responsibly for example. Their internal policies will set accordingly. Likewise people will try and circumnavigate the application process. Lenders do not have the resource to micro manage every application. Instead operate at the macro level.

Seems as if your response needs to be along the lines of personal choice. The lender could then assume that you husband is financially dependent upon you and base their decision accordingly.

ACG · 9 August 2018 at 12:40PM

I know I have posted this a lot on here, but single applications for married (and even unmarried) couples can be a problem for lenders. The advice is to check before you make an application.

Realistically it will depend on the lender and even the underwriter to some extent. You could be fine and there will be no issues, it could be rejected or anything in between.

All you can do is tell the lender and see what they say.

foxy-stoat · 9 August 2018 at 2:15PM

My wife isnt on my mortgage but she had to sign a declaration that she has no financial interest in the property and some other rights that she had to waive - no idea if it has legal bearing but the lender was happy to give me a sole mortgage in this case.

When we remortgage next year she will go on though so it should be more beneficial if the worst happens.

AnotherJoe · 9 August 2018 at 2:32PM

DAWN08 wrote: »

carrot - if you read the rest of my post youll see i acknowledge they can ask what the like, thanks for your helpful comment!

Not the same, since they cannot ask "what they like" and they do have a reason.

They can ask questions related to their business, such as not wanting to be unable to repossess a house because another party has rights, such as a person who is living there but didn't go on the mortgage. Expect your partner to have to sign a form giving up rights to stay there n such an event.

Querying why husband not on mortgage

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