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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

Mortgage in my husbands name only!

15 replies

L1976 · 12/08/2020 08:53

I have been with my husband for 16 years, married for 6 years. We have two children (5 years and 13 years old). We currently have a joint mortgage on our family home which we have now outgrown. We recently found a really amazing home just outside of London which we want to buy. We initially applied for a joint mortgage which was denied due to my bad credit. The mortgage advisor then tried with just my husband and the mortgage was accepted. My husband asked me how I felt about this and what I wanted to do i.e wait until my credit improves which may take years as I have 2 defaults. I feel sad to even question this but I worry that if (worse case scenario) our marriage breaks down then I’ll be stuffed! Although our marriage is currently very strong we have had some trust issues in the past. Should I go ahead and move forward with this purchase or wait until we have rebuilt my credit? We are keeping our current home to rent so will still have this home.

OP posts:

DimidDavilby · 12/08/2020 08:54

I think even if your marriage breaks down then the house is still a martial asset no?

TheAquaticDuchess · 12/08/2020 08:55

The house is a marital asset regardless of whose name is on the mortgage.

TheAquaticDuchess · 12/08/2020 08:55

Sorry, cross post!

Okbutnotgreat · 12/08/2020 09:20

Surely the house can be in both your names but only your Husband named on the mortgage, they are separate documents. This is what I would want to do in your situation regardless of what is deemed a marital asset.

sleepyhead · 12/08/2020 09:22

We're in Scotland so legal systems are different, but when we sold our last house where the mortgage was in my sole name, dh still had to sign to say that he agreed to it being sold.

The property is a marital asset no matter whose name is on the documents.

19lottie82 · 12/08/2020 09:23

But it will be a joint asset anyway? You can still be put on the deeds. Why wait just because you have bad credit? That could take years to resolve.

YesINameChangeEveryDay · 12/08/2020 09:25

I'd get some proper legal advise on this rather than asking here op.

PersonaNonGarter · 12/08/2020 09:26

OP, your credit is poor. You are lucky to take advantage of what you can enjoy on his credit.

GOODCAT · 12/08/2020 09:27

Our home is in my sole name, but on divorce it makes no difference. If you have bad credit, do whatever it takes to sort that and then once sorted go on the title when you next remortgage.

malmi · 12/08/2020 09:27

The mortgage is just the debt, so if your husband doesn't mind you not being listed then I can't think of any reason you should.

Unless he's got a gambling problem you're not telling us about and he's likely to forget to pay it and cover the fact up? That could leave you in a difficult situtation.

BarbaraofSeville · 12/08/2020 09:28

You should probably take legal advice and see if it is possible for the house to be jointly owned but only DH on the mortgage.

Have you paid off your defaults and made whatever changes needed to your money management/incomings and outgoings that caused the defaults to happen?

Ripasso · 12/08/2020 09:31

I’m in Scotland and my husband is only one in our mortgage. The house is classed as an asset of our marriage as bought after we were married. If I was on the mortgage we could not borrow what we needed as I had a flat I was trying to sell when we bought our house.

Vegasdreaming27 · 12/08/2020 09:33

As far as I am aware there is only 1 lender who will allow someone to be named on the deeds but not on the mortgage as it makes it difficult for them if they need to repossess the property. The house would be a marital asset though.

ivfdreaming · 12/08/2020 09:34

Think you'll have to take this one on the chin for having defaults? You're married so you have that added level of protection and I'm fairly sure whilst the mortgage is in a sole name you can be registered as having an interest in the deeds themselves - probably best to speak to your solicitor on that one

yoyo1234 · 12/08/2020 09:47

Mortgage and title deeds are 2 different legal documents. However a mortgage company are completely within their rights to not give a loan for a property that is in joint names where they only have an agreement with one party ( could make it very difficult for the company to repossess, if required, and sell and they may well not be happy with that). On the plus side you are married and purchasing an asset within that marriage. Your name can be added later on the mortgage and title deeds ( legal costs likely incurred). Seek legal advice.

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