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Original poster

Buying a house together but with husband name

56 replies

RuinedLife · 29/11/2016 19:05

Could somebody please advice me? Husband and I have some savings which will go against deposit and stamp duty. I am SAHM currently and hence we are not able to get joint mortgage of the desirable amount. Financial adviser suggested to take mortgage on dh's name only to get the desired amount. Obviously the house deed will also be in his name ( banks don't allow different names apparently). Could this be a problem in future in case of loss of life or tragedy. We plan to take mortgage protection cover for loss of life and critical illness. I completely trust my dh, in case we grow apart in future, I know he will be honest and fair.
Is there a possibility to add my name further down the road?

OP posts:
Doublemint · 29/11/2016 19:55

You've been given crap advice.

When we bought our first house my earnings (self employed but not for the minimum X years) couldn't be taken into account. We BOTH went on the mortgage but borrow based on DH income alone.
We BOTH went on the deeds and i think you should insist you are too.
And get some better financial advice!

LynetteScavo · 29/11/2016 19:57

I assure you, as a SAHM with no intention of ever contributing towards the mortgage I am on deeds and mortgage. (I do now pay the mortgage but that's not the point)

Original poster
RuinedLife · 29/11/2016 20:01

Thanks for so many replies!
We already have one mortgage and house together (both names). We want to upsize a bit and hence the second house. We can get upto x amount together straightforward with the same adviser. We just saw and really really liked a house which is x + 100k. For this higher mortgage he said he can only get if dh applies and not together. My credit history is fine, no trouble there. Hope that makes sense... Sorry new to posting.

OP posts:
Deux · 29/11/2016 20:02

I was SAHM when we took out our mortgage. I'm a joint mortgagee and on the deeds.

wonkylegs · 29/11/2016 20:04

Another one who says you've had bad advice - I'm on the mortgage & the deeds but the loan is based on DHs income only (I'm part time self employed with wildly fluctuating income and I'm on on maternity leave which is waaaay to complicated for the paperwork financially so I'm a SAHM according to the bank)
We have life/health insurance so that the mortgage will be paid off if anything happens to DH so financially the risk is the same & I have security.
It's our house so it's in our names - the only time we haven't done this was with our 1st house together as I hadn't quite managed to sell my house before we bought our joint house and I couldn't have 2 mortgages but we rectified that as soon as I sold it.

123bananas · 29/11/2016 20:06

Erm no just bought a house this year. I am wohp, DH is sahp. His name is on the mortgage and the deeds.

Ineededtonamechange · 29/11/2016 20:14

I am days away from completion. SAHM - haven't worked for a few years now. We had no problem extending our mortgage to the max they would lend us with both names on it.

Doesn't make sense why they wouldn't put both names on it, unless you have a poor credit history. i'd be asking why, getting a new mortgage advisor, and then speaking to a few companies 1:1.

Mehmehmeh19 · 29/11/2016 20:24

Makes little sense to me from an affordability point of view first of all.

Your husband getting so much more just in his name. Your self and any children would be dependents and lessen his affordability suitability?

You can add yourself to a mortgage and deeds later down the line through a transfer of equity process.

Also it rings a bell with me, many lenders would only allow both of a married couple to be named on a mortgage. To avoid any potential risk of the party not named.

I agree get different advice.

IJustWantABrew · 29/11/2016 20:40

I would approach another advisor, just because your income is non existent doesn't mean you can't be on their. Unless your credit rating is in the toilet you should be fine getting a mortgage.

therealpippi · 30/11/2016 00:09

We have done exactly that (borrowedmore) with me being a sahm. Can't see why you can't

TobyZiegler · 30/11/2016 05:50

Then you need to see a different IFA - your one is not giving you good advice.
You need to be on all the paperwork. Yes your are married and you have some protection because of it, but you should still be named on everything that is a joint asset such as a home.

Yawnyawnallday · 30/11/2016 06:19

You say "banks don't allow different names". Does this mean you are married but have kept your own surname. Can't see why this would keep your name off the deeds. Does this mean that the financial adviser thinks you are not married because you have a different surname? Plonker.

willconcern · 30/11/2016 13:16

It would be a marital asset on divorce, but if they separated would OP have a right to reside in the house while the divorce came through? I guess that might be where there is an issue

If OP's name is not on the deeds, then in the event of separation, her DH could sell the house without her consent, unless she puts a restriction on the title at the Land Registry.

However much you trust your DH, OP, leaving yourself open like this would be best avoided. If you split, there is no guarantee of good behaviour on his part.

WingedSloath · 02/12/2016 18:47

I'll join in, I've been a SAHM for over 12 years, I am named on the deeds and the mortgage and Dh is the sole earner.

I will probably never return to paid work (medical condition) and this has never been an issue when applying for mortgages.

I would definitely seek a second opinion.

peanutbutter310 · 02/12/2016 19:29

We had the same advice when buying our house, so the mortgage is solely in my name.

The name(s) on the deeds had to match the person they lent to. Which makes sense, as the house is collateral and so they need all funds from a sale to belong to the person who owes them money.

DH had to sign a form staying that he had no claim over the property, despite living there.

katand2kits · 28/12/2016 08:59

SAHM here, also joint tenant on deeds and jointly responsible for mortgage.

DollyMcDolly · 28/12/2016 09:03

I was a SAHM when my name went on the mortgage.

Mehfruittea · 28/12/2016 09:24

OP is contributing to the purchase with her savings for the deposit. Assuming you claim child benefit- that should also go in the income column under your name.

If you don't claim due to OH earnings, then you should. Your NI stamps will be credited whilst you are SAHM and protect your pension.

Either way, you are putting forward capital and a (albeit small) monthly income.

Try getting advice from a conveyancer, as it is them who prepare the documents for land registry and formalise who owns the property and what share they each have.

mirokarikovo · 28/12/2016 10:24

Do not stretch yourself to borrow more than the banks will lend with the genuine circumstances of yourself and DH as joint borrowers.

TBH it's actually not sensible to even go right up to the limit of what they will lend you with the basic calculation. 75% of that figure is a sensible limit for financial stability.

Live within your actual means. If you can't afford something that you like without shenanigans then you can't have it.

The banks limits are there for a reason. Their lending limit is set to the point where they think that there is an unacceptable risk that they might lose money. Given that the bank will only lose money if you are left bankrupt and destitute - you should take that seriously too.

Toffeelatteplease · 28/12/2016 10:30

Talk to a solicitor about a deed of trust over the property. Can be better protection than joint names done well. Basically in worse case scenario like repossession the bank takes their share, you take yours and your DH takes what's left. Unless you sign it away. Never do that.

NotCitrus · 28/12/2016 11:11

Banks want all the parties who own the house on the mortgage, even if they aren't earning. I know this as I accidentally got left off the mortgage for our first place despite being on the deeds, and our solicitor decided that would be good for us so didn't query it. Mortgage company were crapping themselves when we came to sell they realised there was an owner in possession and not on the mortgage! Luckily for them we just wanted to sell quickly.

Would you be able to afford repayments if say your DP was out of work for 3-6 months?

christmasjolity · 28/12/2016 14:00

A lot has changed with affordability. Sounds like this is affordability.

Apparently my DH would be able to borrow more alone that we would as a couple. We have no dependent children (grown up)- I earn well over £100k but as I am effectively self employed I am risky despite audited accounts at well above that level for 5 years. So I pull his borrowing amount down as I may be a liability going forward and financially reliant on him. Seems silly to me. So basically if he applies alone he is then seen as a single person with less liability.

Not an issue as we only want to borrow a fraction of what they would lend but I was a bit surprised to say the least.

People saying- well it can be done because I did it need to consider that getting a mortgage is very different from even 5 years ago. It is about overall affordability and risk now. Best option would be to only borrow what they will lend as a joint application.

ExcellentWorkThereMary · 28/12/2016 14:04

Terrible advice! You can get the mortgage / deeds in both your names even if you are a SAHM. Don't get it solely in your DHs name!

BagittoGo · 30/03/2017 16:04

Did you also meet with the financial advisor? I'm guessing not. I was a SAHM and I'm on the mortgage and deeds. I would rein in the 'trust him completely' until you give us a reason for you not being on the mortgage. Are you previously bankrupt, CCJ's? not having a job when married is not the reason.

wheresthepinkyponk · 30/03/2017 21:12

Just checked with dh and I am not on deeds or mortgage. He applied for mortgage and purchased house 2 years ago. I was declared bankrupt 9 years ago, before we married and credit rating is fine now. Does this mean he can sell and move without me having a say?

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