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Original poster

Is it a mistake to not be on the mortgage?

9 replies

YesAnastasia · 14/07/2014 10:32

We are changing our mortgage after 5 years fixed.

I'm a SAHM so no income & DH seems to think we can get a better deal if he goes on the mortgage alone. He says it doesn't matter if I'm on the mortgage because we're married.

OP posts:
Only1scoop · 14/07/2014 10:34

I would still expect to be on title deeds and mortgage absolutely....

ChablisLover · 14/07/2014 10:37

In a way if it's in dh name only you would assume it would be his sole responsibility but if he defaults would you be liable but I would expect to be in it and the title deeds. Don't some mortgage companies insist on this?

soundedbetterinmyhead · 14/07/2014 10:38

Yes, this would be a big mistake. You need even more to be on the mortgage because you are a sahm.

Original poster
YesAnastasia · 14/07/2014 11:00

Why though. What does it mean if I'm not on it? Do I lose out if something happens? He says not.

OP posts:
Missunreasonable · 14/07/2014 11:00

If you split up you should be entitled to half of the equity.
If he dies before you, you would be entitled to the first £250k value of the house and after that any value would be split between other family members.
If you don't go on the mortgage you have to sign a disclaimer saying that if he defaults on payments you will have no right to stay in the house.

I am a SAHM and I am on the mortgage, it didn't impact on the deal one bit. If you get tax credits or child benefit you can include that as your income and you might even get a better deal than he would as a single person (he will have to declare you as a financial dependent regardless of whether you are on the mortgage or not).

Original poster
YesAnastasia · 14/07/2014 11:10

I see, thank you. I know I'd like to be on the mortgage just because I feel like a non-person as it is - this would just be the cherry on top.

I don't think I have a brilliant credit score.

I'll speak to the mortgage advisor.

OP posts:
Missunreasonable · 14/07/2014 12:15

If you have an adverse credit score then your DH might be right about getting a better deal (or any deal) without you on the application. It would be possible for him to get the mortgage and add you after 6 months.

I am more surprised by your comment of feeling like a non-person. Mortgage or not a SAHM us as valid as anybody else. Does your DH make you feel this way?

Bearbehind · 14/07/2014 19:19

Assuming you are already on the current mortgage, you must be on the deeds and, unless you change that you will need to be declared on the next mortgage.

It is true that your DH would likely get a better mortgage without your credit score if it is poor but it's irrelevant really as it is unlikely you could proceed that way. You and your children would still be classed as dependant on him anyway.

Speaking to a mortgage advisor is your best option. The deals that were offered even 5 years ago aren't around today, you might not even be able to remortgage at all due to the new stricter affordability checks then you'd have to revert to the standard variable rate.

weatherall · 14/07/2014 19:25

Your credit score will improve by being on the mortgage.

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