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Original poster

I want to go on Mortgage, I am a SAHM.

60 replies

BeyondRepair · 18/03/2014 09:42

Can anyone tell me the process, what happens, I used to have bad rating but seems to be OK now. DH has been sole person on it since 2005.

OP posts:

beachyhead · 18/03/2014 18:55

Silly question, but do you both have wills?

Original poster

BeyondRepair · 18/03/2014 18:56

Racum I don't suppose you know which one has to come first or can one be without the other, so for instance can I at least do something at the land registry even if ( i don't get on it) or until I can go on mortgage?

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Original poster

BeyondRepair · 18/03/2014 18:58

Beachy

we had wills before we got married

I stupidly assumed once married everything was all equal and wills didn't matter.

I realise now they do still matter very much, we literally have nothing spare to write up a will at the moment, am hoping I can go onto mortage and or house deeds or whatever they are called, and then when have spare....£ do wills.

OP posts:

racmun · 18/03/2014 19:09

Beyond it would generally need to be done simultaneously.

When a mortgage is registered on a title the land registry won't allow a change of ownership (sale or into joint names) without the mortgage company's consent.

The first thing you need to do is speak to the mortgage company and see if they'll let you go on as a joint mortgagor (without incurring any penalties). If they will you will then need to appoint a solicitor and the mortgage co will send instructions to the solicitor.

The solicitor acts for both you and the mortgage company amd will ensure its all done simultaneously. Your husband may need to get independent legal advice as on the face of it he's giving away 1/2 his equity- again this would be something your solicitor will advise in due course.

PieceOfTheMoon · 18/03/2014 19:09

For what you're worried about the most important thing will be to get life assurance for your DH which would at least pay off the mortgage in the event if his death. The house would automatically pass to you as next of kin if he doesn't have a will. No point you being left with a mortgage you cant pay.

racmun · 18/03/2014 19:10

Also your wills won't be valid if they were made before you got married. Marriage revokes your previous will

wfrances · 18/03/2014 19:11

im a sahm with no income and ive always been on the mortgages .

Bearbehind · 18/03/2014 19:13

OP, you have mentioned more than once on this thread that you don't have any money spare at all- that doesn't bode well for trying to remortgage.

If you are not on the current mortgage and you do not earn anything, you are likely to be classed as dependant and actually reduce how much your husband can borrow now, plus lenders scrutinise bank statements nowadays and if you have no 'wriggle room' each month you probably won't be approved for a new loan.

You'd be better off going down the wills route if that is the case.

Original poster

BeyondRepair · 18/03/2014 19:14

We have life assurance.

any idea of the solictors cost to do this? any rough ball park idea/

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Original poster

BeyondRepair · 18/03/2014 19:15

OP, you have mentioned more than once on this thread that you don't have any money spare at all- that doesn't bode well for trying to remortgage

I didn't know it would be a case of a whole re mortgaging...I JUST thought they could add me too it...

we are fixed for five years I am not sure how many years left maybe two.

OP posts:

Bearbehind · 18/03/2014 19:19

I'm not and expert in these things but I don't think it's that simple.

You definitely can't just get your name on the deeds and not tell the lender and when you do tell them they are very likely to reassess their basis for lending to your husband.

If you are on a 5 year fix they are likely to invoke penalty clauses if you try and change the terms as well.

Bearbehind · 18/03/2014 19:21

If you have life assurance which would pay off the mortgage in the event of your husbands death then as long as he has a will which leaves the house to you- where's the problem?

Original poster

BeyondRepair · 18/03/2014 19:30

as far as I am aware there are still issues even there Bear.

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Bearbehind · 18/03/2014 19:34

Why, what could go wrong in that situation that couldn't if you were on the house deeds?

cupcake78 · 18/03/2014 19:35

I am a SAHM at the moment and we've just got a joint mortgage based on DH income alone. I am liable for the debt.

WhoKnowsWhereTheTimeGoes · 18/03/2014 19:35

I'm the sole owner of "our" house, DH isn't on either the mortgage or the deeds, when we made our wills our solicitor assured us it's not a problem provided my will passes the house to DH. We also have separate life assurance policies for more than the outstanding amount of the mortgage.

Original poster

BeyondRepair · 18/03/2014 19:48

Cupcake what do you mean your liable for the debt?

Bear. i am not an expert but as far as I am aware there would still be paper work, solicitors, ins and outs...documents to file, things to find to prove x y and z.

I have suffered two sudden losses where affairs were in disarray and I can assure you, I know from bitter and painful experience, that things do not run smoothly.

Something always crops up, there is an issue somewhere. If you are grieving and unable to even get out of bed, trying to sort this sort of stuff out is nigh on impossible, I know, I have been there. twice.

If the house is in my name, there is much less to do surely.

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holidaysarenice · 18/03/2014 20:01

One of the important questions, is do you know the currentist value of your house and amount of mortgage.

It is important as a loan you were given a number of years ago may not be seen as sensible by the bank today if you need to reapply.

Bearbehind · 18/03/2014 20:07

Seriously OP, you need to get professional advice on this.

If you don't even understand that if you are named on the mortgage you are jointly responsible for the debt then you need to get to grips with the various options, and quickly.

There will always be paperwork etc in the event of an unexpected death but that doesn't mean you have to be on the deeds/ mortgage to avoid them.

WhoKnowsWhereTheTimeGoes · 18/03/2014 20:10

As I understand it if you are both on the mortgage and one of you refuses to pay it the other is liable for it, so if you are a SAHM and your DH walked out and refused to pay, you would be personally liable for the debt.

WhoKnowsWhereTheTimeGoes · 18/03/2014 20:12

You definitely need professional advice on this, it is far too complicated and important to just get opinions from unqualified (I speak for myself) strangers on the internet who are not in possession of the full facts.

Bearbehind · 18/03/2014 20:13

It might not be a nice thought but the chances of you splitting up are far greater than the chances of him dying prematurely and if you are left with a legal obligation to pay a mortgage that you can't afford to you will be in a much worse position than you are now.

Original poster

BeyondRepair · 18/03/2014 20:22

Well the thing is, in the event of a death even if I am not on the deeds I will be responsible for the debt. so I don't see how that affects me.

whatever way anything happens that shouldn't, I would be left with having to pay for the mortgage.

even if paying for it out of life assurance.

Its highly unlikely should my DH leave me he would walk away from his own property....it wouldn't be in his own interests to not pay the mortgage...I could afford to pay the mortgage by taking lodgers in.

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Bearbehind · 18/03/2014 20:28

OP, as I said before, you need professional advice on this, giving the details of your situation.

If you can't even afford to pay to have a will drawn up, you have virtually zero chance of securing a new mortgage under the new lending regulations and just getting your name put on the deeds without it affecting the mortgage is not an option.

The reality is, you can't begin to second guess what your husband might do if he decided to leave you so don't be comforted by preconceived ideas you might have about that.

Original poster

BeyondRepair · 18/03/2014 20:32

Thanks Bear, i totally understand how much better it is to get proff advice and yes when i can I certainly will, in the mean time, I will ask on here and so far I have had very good and some sound advice if some what contradictory.

My DH is ringing later about it and I will hopefully find out more then.
If there are new lending regs it sounds like it might be better to go on mortgage sooner rather than later...than trying to apply for a mort.

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