Buying a house - advice on mortgage please.

[therumoursaretrue]

Hoping someone with more knowledge than me can help me out.

DP and I are buying a house. He has a mortgage in principal in his name and life insurance etc for us both all lined up.

He was originally under impression that he could have mortgage in his name alone but put us both on deeds. I know from what I've read that this seems to be a slight bending of the rules and not all mortgage advisors will allow this.

Going forward what is our best option? I am not working at the moment and previously earned around £2000 a year so I would never get a mortgage. Can I be named on a mortgage if I am not earning at all if DP's wages cover payments?

We are engaged and have a DS but by my understanding if we split before marriage I would be entitled to nothing from the house and if the house is bought before we marry when DP is considered single would this affect any divorce settlement as it was not an asset bought in marriage? Obviously I am going into this wanting to be with him forever but I am well aware that I need to be smart about protecting myself and DS in the event of any marital problems or untimely death.

get married, problem solved,

pop down the registry office do a quite quick one, have a massive party one year on, and invite everyone to your wedding party.

Why can't you go on the mortgage if you are making payments together?

I won't be making payments for the foreseeable future as I'm not earning. I'm at home with DS atm and as DP has a very demanding career it's what works for us in the meantime. I won't be in the position financially to make regular payments, I will pay bills, groceries etc when I go back to work but as I mentioned this is a very small income.

So this is why I'm wondering how do couples who have one SAHP get both names on mortgage/deeds if only one person is able to contribute financially at the time.

I have a small income (£5k) and I am named on the mortgage and the deeds. I pay for food, petrol and DS's activities etc plus clothes for us. DH pays all bills including the mortgage.

Who put up the money for the deposit? If you were being put on the deeds was it going to be as joint tenants or tenants in common?

Speak yourself to a mortgage adviser. If they can't help speak to a solicitor.

Can I be named on a mortgage if I am not earning at all if DP's wages cover payments? It depends on the mortgage company. In the past, I was not working and was named on the mortgage and the deeds. If I were you, I would want to be on both. It will be your home, after all.

If you are buying a house, don't you have a solicitor doing the convenyancing? Why don't you speak to them? They will be able to answer these questions.

Thank you vj32 that is useful to know about your sutuation.

DP is putting up large amount for deposit (around 30%), I have small amount of savings which I would be happy to put forward. DP says he is happy to cover deposit and for me to save for other things we need but I would like to contribute as much as possible.

Plan was as joint tenants, although I understand there are pros to tenants in common in the case that one of us ended up going into a nursing home or something.

Thanks for your input ashleysilver, good to know aswell.

I do plan to speak to the solicitor but feel so completely overwhelmed by all the information that I want to get it straight in my head first!! Is useful just to know that what I was thinking is a possibility.

I agree re deeds and mortgage, if its to be our family home I want us to go into it together.

Yes it is possible to be on the mortgage, but will depend on mortgage company and some will reduce the amount they loan if there are two mortgagees. Just shop around!

You can't be on the title and not the mortgage. They have to match.

I'm a stay at home mum and I'm on both, As a former Property Lawyer, I wouldn't want it any other way. I'm classed as a dependant on dh but wasn't a problem.

Do the mortgage co know that you exist? If you're not going on title you should have to sign an occupies waiver form,
Which postpones any rights you have behind those of the mortgage co. if they don't know then you need to be careful as solicitor will have to disclose this to the mortgage co so it is better to be upfront.,

Thanks titchy and racmum.

Yes they do know, DP has gone back to them today in light of what is on this thread and what we have chatted about previously and asked them if loan amount would be smaller with me on mortgage to see what light they can shed on it. We need full loan amount that DP has mortgage in principal for so if my (non-existent!) income affects it we may have to look elsewhere.

DP tends to jump into things with both feet and blinkered! He likes to get things done and I think had gotten way ahead of himself without taking some proper advice about how best to deal with our individual situation.