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Buying a house together but with husband name

(57 Posts)
RuinedLife Tue 29-Nov-16 19:05:33

Could somebody please advice me? Husband and I have some savings which will go against deposit and stamp duty. I am SAHM currently and hence we are not able to get joint mortgage of the desirable amount. Financial adviser suggested to take mortgage on dh's name only to get the desired amount. Obviously the house deed will also be in his name ( banks don't allow different names apparently). Could this be a problem in future in case of loss of life or tragedy. We plan to take mortgage protection cover for loss of life and critical illness. I completely trust my dh, in case we grow apart in future, I know he will be honest and fair.
Is there a possibility to add my name further down the road?

Gazelda Tue 29-Nov-16 19:07:57

Are you sure you can't have both names on the mortgage and/or deeds?

OohhThatsMe Tue 29-Nov-16 19:09:28

I think you've had bad advice here.

There must be other SAHMs on MN who can advise - don't do anything in the meantime!

Chippednailvarnishing Tue 29-Nov-16 19:10:13

I have never heard of the deeds just being in the DH's name, especially if you have contributed to the deposit.
If you're so sure that your DH is trustworthy why would you want to add your name later? Surely as long as there is a will leaving the property to you it's irrelevant.

Coughingchildren5 Tue 29-Nov-16 19:10:41

There is no reason why you can't be on the mortgage and deeds as a sahm. Unless you have terrible credit rating and that reduces the amount that can be borrowed?

TobyZiegler Tue 29-Nov-16 19:12:11

Is this a genuine financial adviser? I can't imagine any financial adviser would suggest leaving your name off of anything? This makes absolutely no sense at all to me. Of course your name can and should be on all of the documents related to the house purchase irrespective of whether you earn anything?!

officerhinrika Tue 29-Nov-16 19:15:25

You are a married couple. There is no reason at all you shouldn't both be on the deeds, the mortgage may be taken out counting your husbands earnings only but that has nothing to do with ownership. The banks can't dictate whose name is on the deeds.
I would talk to a better advisor, look up choosing a mortgage broker on moneysavingexpert.com, they have a lot of advice.

PersianCatLady Tue 29-Nov-16 19:15:47

This sounds like the worst advice ever.

Are you sure that this person is actually an Independent Financial Advisor??

Zucker Tue 29-Nov-16 19:18:51

Get new advice from an actual financial advisor. Pkease don't leave yourself open to being left with nothing if your relationship stops for whatever reason. Look after yourself financially.

Yawnyawnallday Tue 29-Nov-16 19:21:08

Sounds like rubbish advice. Get a second opinion. And keep good records of your contributions to house.

SofiaAmes Tue 29-Nov-16 19:23:13

It's not unusual for the mortgage company to want all the names on the deed to be on the mortgage. However it's simply not true that the non-earning partner cannot be on the mortgage. Please drop the so-called financial advisor right away and find someone who can give you correct advice on how to move forward.

WhoKnowsWhereTheT1meG0es Tue 29-Nov-16 19:24:10

If you are married surely it doesn't really matter whose name it is in, it will be treated as a marital asset if you split. Wills take care of death and your husband is solely liable for the mortgage payments. It would be different if you weren't married though.

NotDavidTennant Tue 29-Nov-16 19:27:23

I've only seen that advice given if the non-earning partner has a poor credit history. Is this the case with you, OP?

AnchorDownDeepBreath Tue 29-Nov-16 19:29:08

Unless you have poor credit; this is awful advice. The bank will want the mortgage and deeds in the same name, but you should be on both.

user1471950254 Tue 29-Nov-16 19:31:06

I deal with mortgages and we regularly deal with offering joint mortgages where one party does not have an income. They are treated as having a £0 income with the earning party proving affordability via all expenses. So I also find this advice odd?

QuiteLikely5 Tue 29-Nov-16 19:31:36

If you don't work and have a child the amount the banks will loan you will be reduced because your husbands salary also needs to go towards yourself and your child.

If you are married it does not matter if you are on the mortgage or not.

What is worrying is that it would be fraudulent for your husband to tell the bank only he is going to be living in your new home.

Wolverbamptonwanderer Tue 29-Nov-16 19:35:49

No I've always been told this too- the bank won't allow someone to be a joint owner they haven't approved and credit checked as then they didn't agree that persons risk. We have bought houses seperately a few times and each time the non mortgagee has signed a document to say they'll leave if its repossessed with no claim. Not sure how enforceable it is as its a marital asset though

rollonthesummer Tue 29-Nov-16 19:37:02

I don't believe this man is an IFA! Is he a 'friend' of your husband??

willconcern Tue 29-Nov-16 19:43:25

Terrible advice. And wrong.

Read these re marital assets:
www.divorceresource.co.uk/marital-nonmarital-assets.html

www.google.co.uk/amp/s/amp.theguardian.com/money/2013/feb/15/divorce-what-happens-to-the-family-home

Please get more advice.

NotDavidTennant Tue 29-Nov-16 19:45:53

It would be a marital asset on divorce, but if they separated would OP have a right to reside in the house while the divorce came through? I guess that might be where there is an issue.

PossumInAPearTree Tue 29-Nov-16 19:48:07

When we bought our house dh was a sahd with no income. He's on the mortgage and deeds.

JohnLapsleyParlabane Tue 29-Nov-16 19:50:13

That's completely untrue if you live in England. My husband and I were in your exact situation 2 years ago. The mortgage was worked out in both our names but taking no account of my financial situation (Nationwide Building Society) . We own it 50:50 and I'm on every bit of paperwork.

jelliebelly Tue 29-Nov-16 19:51:26

If you have a bad credit history then makes sense not to be a joint applicant for the mortgage but house deeds can still be in joint names

MadameCholetsDirtySecret Tue 29-Nov-16 19:51:36

What John said. You are being told a load of crap for one reason or another.

GeorgeTheThird Tue 29-Nov-16 19:52:22

You don't have to do this. You can get the mortgage and the deeds in both names.

Don't do this.

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