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I want to go on Mortgage, I am a SAHM.

(61 Posts)
BeyondRepair Tue 18-Mar-14 09:42:26

Can anyone tell me the process, what happens, I used to have bad rating but seems to be OK now. DH has been sole person on it since 2005.

CogitoErgoSometimes Tue 18-Mar-14 14:14:10

Is there a special reason why you want to be on the mortgage? How long have you been married? Was the property owned by DH before you were married?

EmmaGellerGreen Tue 18-Mar-14 14:18:55

What do you mean when you say that you want to go on the mortgage? Do you want to co-own the property and if yes, do you want to become jointly responsible for the debt. You could co -own the property (subject to the mortgage) without assuming debt responsibilities.

BeyondRepair Tue 18-Mar-14 17:45:07

I am worried about death! I have suffered two close losses and I want to feel more secure.

I want to be on the property as a co owner.

Emma I am really really dim at these things and I do not know what you mean about being co owner without debt.

No it was brought when we got together I had bad debt so I didnt go on mortgage.

chocolateanyone Tue 18-Mar-14 18:01:09

I am not on our mortgage as I'm a sahm and therefore have no earnings but the house is in joint names.

Speak to your lawyer as I doubt the bank will let you go on the mortgage.

BeyondRepair Tue 18-Mar-14 18:08:00

We can't afford one at the moment. Interesting point about not earning...

Katiesnotkins Tue 18-Mar-14 18:11:34

I am on our mortgage and on our deeds. We own the house 50- 50 as does every married couple we know.

It matters not a jot whether you ar earning. Why on earth would you live in house you don't own and allow yoursef to be so vulnerable?

racmun Tue 18-Mar-14 18:15:31

You can't be

I'm a sahm and I'm on our mortgage. We bought the house together even though I have contributed no earnings towards it. You need to speak to a solicitor I would think.

racmun Tue 18-Mar-14 18:17:15

You can't be on the house and not on the mortgage. The mortgage and title need to match.

As long as your credit rating is ok it shouldn't make any difference to the mortgage co. just apply and then you'll need a solicitor to do a transfer of equity.

whereisshe Tue 18-Mar-14 18:19:10

If you have no earnings the bank will consider you to be a dependent on the mortgage. It doesn't mean you can't be on the mortgage but it will change their calculations.

Moreisnnogedag Tue 18-Mar-14 18:20:00

My DH isn't on our mortgage (my salary multiplier is greater as a lone applicant) but he is the sole beneficiary of my will and life insurance policy (which as well as paying off the mortgage gives him a reasonable amount to live off until DS is 18) plus my pension and death in service benefit.

Would things like this reassure you?

coalscuttle Tue 18-Mar-14 18:20:26

If its a joint mortgage then joint earnings are used. As your DH obviously earns enough to service the loan then there is no reason why you couldn't be added. It most certainly does not matter that you are a sahm. The only thing that might come into play is your credit history.

holidaysarenice Tue 18-Mar-14 18:23:47

Actually racmun that's not true.

The problem arises when two people own something 50-50. But one party needs a mortgage for greater than 50%.

Yes you going on the mortgage may change the banks stance on how risky etc the loan is. Also you will get stung for fees, may have to reapply for a mortgage or incur early fees for redemption.

Ebayaholic Tue 18-Mar-14 18:24:59

I work for a building society and adding someone to an existing mortgage just adds extra security - there are very few circumstances under which we would refuse. Call your existing lender

ihategeorgeosborne Tue 18-Mar-14 18:30:56

I'm a SAHM and Dh and I have just got a joint mortgage.

BeyondRepair Tue 18-Mar-14 18:31:39

whereisshe

ebayaholic

What does it mean change their calculations? We cant afford to pay more....

morethanpotatoprints Tue 18-Mar-14 18:33:08

Ditto what BeyondRepair says.

It used to be that you were better off not going on mortgage, it was for us in the early days, but its different now.
iirc, it was because lenders would offer 3.5x single income and 3x joint income. they would only let dh name on the mortgage.

racmun Tue 18-Mar-14 18:34:38

I don't know of one lender whereby you can have the title (legal title) and mortgage not matching.

I'm not sure what you actually mean by owning something 50/50 but wanting a mortgage for more than 50%?

If you are referring to tenants in common/joint tenants that relates to the equitable title and would be dealt with by way of a restriction.

BeyondRepair Tue 18-Mar-14 18:38:18

Racum your talking in language thats beyond me.

I am not fussed about the percentages of who owns what as far as I am concerned its all equal.

If my DH died tomorrow, as fas as I am aware, should the property be both our names, with mortgage and at land registry......it would be much easier for me to continue to live in a smooth manner....

If it wasn't in my name there would at the very least be paper work and all kinds of things to do..

I have no idea about the deeds, all of this is above my head. Which is why I am asking you lot!"

BeyondRepair Tue 18-Mar-14 18:38:56

racnum are you trying to say I need to have the title as well? and if so , where from ? Land registry do you konw any more about that?

BeyondRepair Tue 18-Mar-14 18:39:41

morethanpotatoprints

They would let me on the mortgage but we would have been paying a much higher % rate.

racmun Tue 18-Mar-14 18:41:52

Sorry beyond I was replying to Holiday.

My first post goes along with what everyone else has said that as long as your credit rating is ok it should be fine. Your dh pays anyway so nothing will change.

Ring your mortgage co tomorrow and start the ball rolling. As a married couple you would normally own as Tenants in common but your solicitor will explain all this to you.

It should be straight forward

chocolateanyone Tue 18-Mar-14 18:43:07

Well I co-own our home but am not on the mortgage. DH got more money with me not being on the mortgage.

But if haven't got a lawyer speak to your lender. They won't charge you unless you actually change something.

racmun Tue 18-Mar-14 18:44:25

Beyond

It called a transfer of equity so the title to the house as registered at the Lamd Registry would be transferred into your joint names, so it matches the mortgage deed.

Your solicitor does it all for you - once the mortgage is approved.

Sorry if you have got confused.

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