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We are in the process of buying a new house. At the moment the house we live in is owned by my husband, he bought it before we got together.
I am self employed and taking time off to raise the kids so my earnings are minimal atm, so we are applying for the mortgage in my husband's name only but would like the deeds in both of our names.
What is the process to do this and does it effect the mortgage application. Is there any real benefit me being on the deeds too or is it not important because we are married.
Thanks in advance.
Your broker should help you. I was on the deeds to my home and the mortgage was my husbands. You absolutely must be on the deeds! What if something was to happen to him? If you are joint tenants if he dies the house automatically passes to you without inheritance tax (if you are tenants in common you own a share, so his share can be passed to anyone - as can yours - so be sure the terminology is correct). If you were to separate or divorce you need to own it jointly to protect yourself.
When my husband died I still had to sell our house to pay off the mortgage as it was not insured, but I had all the equity.