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Original poster

Mortgage in my husbands name only!

80 replies

Chloe1973 · 12/08/2020 09:00

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:
Thehogfatherstolemycurry · 12/08/2020 10:29

It's not a big deal if you're married as it will count as a joint asset if you split. I'm not on our mortgage because dh bought the house just before we got together. If you're worried get a solicitor to draw up something legal?

Whymustyoubringinthebirds · 12/08/2020 10:31

As you have previously been named on the mortgage with your husband some lenders will not consider the application at all, something to bare in mind

Original poster
Chloe1973 · 12/08/2020 10:31

@1099

OP Maybe try posting this in Legal, you'll get some good advice there about how to mitigate any potential problems this may cause.
Perfect thank you Smile
OP posts:
Original poster
Chloe1973 · 12/08/2020 10:33

@Babdoc

OP, why not make an appointment with a solicitor and discuss exactly how to protect your right to half the house in the event of a divorce? Or at least find out the full legal situation if you are not on the title deeds? It would be worth it for peace of mind, or forewarn you not to proceed if there is no way to protect your interests.
I thought about doing this but there is so much info online I thought I'd try here / online first
OP posts:
Original poster
Chloe1973 · 12/08/2020 10:34

@scubadive

Can the deeds not be registered in joint names, even if the mortgage isn’t?
Yes but may affect the closing application as lender can do another credit check at anytime before they release funds and they will query why I'm on deeds and not on mortgage which may cause issues
OP posts:
Original poster
Chloe1973 · 12/08/2020 10:36

@PopcornPugs

I’m in the process of a divorce. “We” have two homes and I’m not on the mortgage/deeds of either of them. As we’re married I’m entitled to half the equity in each house. As a married couple it doesn’t matter at all.
Smileahh ok great! Thank you for this information.
OP posts:
Polnm · 12/08/2020 10:39

We are on at least our 10th mortgage and some have been in my name. some joint and this one just in DH name.

He was well within earning multiples/affordability alone and I am self employed (professional and high earner) and the bank thought it was easier not to gave to submit my books

It a problem at all. I am on the feeds and there was a large equity as it was a remortgage with a new lender

Original poster
Chloe1973 · 12/08/2020 10:43

@LemonTT

It’s not a big issue because it is a joint marital asset. No need for exclamation marks.

The serious point is whether they can afford it because they have obviously over extended in the past and need to overhaul their finances. I don’t think a lol answers that issue.

Ah ha!! you are the type of people that I've heard about on these chats - the unkind ones who are judgemental rather than supportive. So just another LOL and !!!!! to make your day!! Mwah
OP posts:
Original poster
Chloe1973 · 12/08/2020 10:43

@bumbleb33s

Why not buy the house in his name only then when it's all sorted, he puts you on the mortgage too, I'm sure this is something you can do?
Absolutely that is the plan Smile
OP posts:
BraverThanYouBel1eve · 12/08/2020 10:46

I'm going through a divorce and can confirm there's no need for you to worry.

You should be able to do sole borrower, joint ownership though. That's what we planned to do (similar situation but in reverse). Mortgage broker was fine with it. One person with bad credit isn't uncommon.

But even if you don't do joint ownership, you're still entitled to 50% in standard divorce circumstances, when child custody is roughly 50/50. To put your mind at ease, you can confirm this with a family law solicitor - use their free surgery time / free first 15mins or something like that, which most family law solicitors have in place to attract new customers.

NikeDeLaSwoosh · 12/08/2020 10:46

@scubadive

Can the deeds not be registered in joint names, even if the mortgage isn’t?
No.
Original poster
Chloe1973 · 12/08/2020 10:47

@ChicCroissant

Is the second mortgage a buy-to-let one, OP? Is the problem that you are already on one mortgage and they won't issue a second joint mortgage?

Not all mortgage companies will permit someone not on the mortgage to be added to the deeds.

I would get some legal advice, it's not as easy to say (for example) 'split' the houses between you - you have the first property and your DH has the second - because you have a joint mortgage on the first one. And if you did that, you'd be the sole landlord of the first property for tax purposes. Tricky situation. I'd look into it carefully.

Yes, I am on the joint mortgage on our current house. If my credit was better I think they would have granted a second joint mortgage
OP posts:
Original poster
Chloe1973 · 12/08/2020 10:47

@Thehogfatherstolemycurry

It's not a big deal if you're married as it will count as a joint asset if you split. I'm not on our mortgage because dh bought the house just before we got together. If you're worried get a solicitor to draw up something legal?
Thanks
OP posts:
BraverThanYouBel1eve · 12/08/2020 10:48

Disagree with @NikeDeLaSwoosh - you can have sole borrower, joint ownership.

ChicCroissant · 12/08/2020 10:48

Yes but may affect the closing application as lender can do another credit check at anytime before they release funds and they will query why I'm on deeds and not on mortgage which may cause issues

You need the mortgage to buy the property so you won't be on the deeds before the mortgage - and a condition of the mortgage will be a charge on the property.

I would check what the fees and costs (including any that might be incurred by you gaining a share in the property/your DH losing a half-share in the property) would be to add you to the mortgage later on, as it might be the same as remortgaging.

Original poster
Chloe1973 · 12/08/2020 10:48

@Polnm

We are on at least our 10th mortgage and some have been in my name. some joint and this one just in DH name.

He was well within earning multiples/affordability alone and I am self employed (professional and high earner) and the bank thought it was easier not to gave to submit my books

It a problem at all. I am on the feeds and there was a large equity as it was a remortgage with a new lender

Thank you
OP posts:
BraverThanYouBel1eve · 12/08/2020 10:49

Talk to your mortgage broker: sole borrower, joint ownership isn't uncommon.

SeaToSki · 12/08/2020 10:51

The only thing I would be worried about is that if he decided to make a change to the mortgage behind your back (extend/change the terms or borrow more) he wouldnt have to let you know as your signature wouldnt be needed. So I think its really a trust issue, do you trust his financial decisions?

MyPersona · 12/08/2020 10:53

Ah ha!! you are the type of people that I've heard about on these chats - the unkind ones who are judgemental rather than supportive. So just another LOL and !!!!! to make your day!! Mwah

Well if you think having a poor credit history including 2 defaults is a laughing matter OP good luck to you. Personally I think it’s very hard to understand how someone in a strong marriage to someone with the ability to buy near London without selling the existing home could get into that kind of trouble.

Collaborate · 12/08/2020 10:54

I'm a divorce lawyer and often post in Legal.

Doesn't matter whose name it is in if you get divorced. I'd go for it and add your name later.

The only situation in which I'd hesitate would be if your husband is self-employed and vulnerable to insolvency.

Newfornow · 12/08/2020 10:56

How did you get bad credit ? Lack of money or lateness ??

daisychain01 · 12/08/2020 11:04

@Newfornow

How did you get bad credit ? Lack of money or lateness ??
How is the OP's credit / debt history in any way relevant to the matter of marital assets/property ownership, and why should she have to expose that to randoms on the internet?
Phrowzunn · 12/08/2020 11:06

Our deeds and mortgage are in my husband’s name only as he was able to borrow more/easier without me on the application. I don’t have bad credit or anything I just didn’t earn very much and now am a SAHM. As we are married it legally makes no difference, if we were to split up or anything I’m entitled to 50% and he can’t legally do anything regarding the house without my say-so/signature. As a PP suggested, marriage is about trust, it wouldn’t have crossed my mind not to do this if it meant bigger/better house, getting to move sooner etc. But, you do say that there have been trust issues in the past so only you know if you are comfortable being in this position.

FlamedToACrisp · 12/08/2020 11:38

@LemonTT

No need for exclamation marks.

What - none??????!!!!!!!!

ZigZagPlant · 12/08/2020 11:41

Can the deeds not be registered in joint names, even if the mortgage isn’t?

Very few lenders allow this. Essentially it means there is someone else with an interest in the property that could stall or prevent a repossession and thus them calling in their loan in the event of a default.

HSBC are unique in that they do sometimes allow this.

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