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To not be concerned that my DH will be the sole owner (and responsible) for the mortgage on our first home?

55 replies

Helpmepleasenow48 · 23/09/2018 21:07

We are lucky enough to have been gifted a substantial amount of money (from my husband’s fsmiky) which we are using to buy a new build detached 4 bed. We are renting so it’s our first home. My husband has been in his job (a permanent job) for 11 months but I left my permanent job last year and am on a well paid but freelance contract which I only started last month.
While we were deciding to apply for a mortgage I found a default on my credit record. It was from 12 years ago when I part settled a loan: I found this out when I did my credit record so I called up the company that now owns the debt. I can pay it off in the next few months but it would still go in my credit record.
So because my husband’s income can cover all our bills we have had to make the decision that he takes out the mortgage but this means he owns the property. Neither of us have built up assets outside our marriage and we aren’t too bothered. Our DC are 10 and 6. When I decide whether to continue the contract or go permanent (and when I don’t have a default) we may decide to see if we can put me in the mortgage. I use my full ISA cash allowance to set aside money so I will keep putting money in there and then pay down the mortgage when I’m on it. However a couple of friends have said I should be worried. Now I’m thinking I should be...

OP posts:

Jent13c · 24/09/2018 09:02

Have you actually spoken to a mortgage adviser? If your deposit is significant (ie not 5%) and you explain that you had a debt from 12 years go that you didn't know about until 5 years ago when it was settled and since then you have made all payments in time and not struggled then I honestly think that they would consider putting your name on the mortgage. My husband had an old bank overdraft default that he had no idea what that all meant but we still got the mortgage. Be honest and upfront about it though, looks much better than trying to hide it. Also, if it doesn't work out then your husband can take it on his own.

I would want to be named on the mortgage.


Sunnymeg · 24/09/2018 09:17

With regard to the gift from your husband's family, have you considered how you would pay inheritance tax if you needed to, in the future?


Omeletteandbeans · 24/09/2018 09:22

We did this, for similar reasons. I am the one on the paperwork so I'm not the one taking a risk - I did suggest my husband have a long think about it but he was (not uncharacteristically) very blasé about the whole thing. We assume that being married gives him some extra security but who knows really - you are a step ahead of him by actually seeking your own legal advice!

Anyway I'm posting to suggest that it is worth going to see a mortgage broker as while a default might restrict your options somewhat, so does having a spouse not on the mortgage. Some lenders were off the list for us because they just won't lend in a situation where someone may have a legal right to be in the house but isn't subject to the mortgage, as in theory it could make it harder for them to repossess if they needed to.


MsJolly · 24/09/2018 09:22

As the deposit money was inherited by you both then you should very much go on the deeds. Protect yourself for just in case!


Helpmepleasenow48 · 26/09/2018 16:42

sunny IHT is one thing we have all taken into account.

OP posts:
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