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Original poster

Mortgage in husband's name only

27 replies

khajiit13 · 17/04/2017 19:16

Me and oh are hoping to buy our first home soon. We have around a 20% deposit already. However for the last few years I've been a SAHM, I've been looking for permanent employment for the past 2 years now and it just isn't happening ( I'm youngish and had very little work experience before DS came along) . I'm going from temp job to temp job with gaps in between. Obviously this is completely unstable, I can't state that I'm employed in mortgage applications because they don't consider my work stable enough and therefore neither is my income. As far as I know this will make it next to impossible to get a decent mortgage with my name on there (I've been on a few websites and they'll only lend us 50% of what we need with my details) but will lend us enough with OH alone. We're looking to borrow 3.5 his annual salary.
I'm not particularly comfortable with my name not being on there though but not sure I can see a way around it. Anyone been in a similar position?

OP posts:
thanksamillion · 17/04/2017 19:21

Try speaking to a broker (we used London and country). They'll know which lenders will let you be on it without any income. I think that Halifax were ok with it for us but we weren't asking to borrow a huge amount.

Original poster
khajiit13 · 17/04/2017 20:41

Thanks. We're not looking to borrow a huge amount but we're on a low income. Mortgage repayments would be cheaper than our rent, easily. I'll look into brokers, I think that will be the way to go, thank you

OP posts:
reup · 17/04/2017 20:44

Is it a new thing when they started becoming much stricter with mortgages? I went on our mortgage as a sahm - there wasn't any issues.

user1487194234 · 17/04/2017 21:00

Get advice from a broker Most lenders will be ok with you being on the title and mortgage but some will lend more if you are not on the title
Which is deeply concerning in my opinion particularly for unmarried couples

MrsSifB · 17/04/2017 21:05

Hiya I had something similar when me and dh bought our first house, as I was self employed at the time but had been for less than 3 years so nowhere would give me a mortgage, my dh got the mortgage himself and we ended up with a declaration of trust document being drawn up which stated exactly what I was contributing deposit and mortgage payment wise and therefore what the split would be in the event of us splitting to ensure I was still covered. Might be worth looking into doing the same?

JaxingJump · 17/04/2017 21:15

I left my DH off our mortgage as he didn't have enough years if books being newly self employed. I'm not sure it matters hugely if you are married but definitely matters if you are not married.

Hollyandtheiveee · 17/04/2017 21:19

I am a sahm and named on our mortgage. Wasn't a problem or even queried.

Fatbird71 · 17/04/2017 21:21

Our mortgage is in joint names even though it was only assessed on my income. No reason why you can't do the same. I would imagine it's pretty standard. Bear in mind that a mortgage is over 25 years and circumstances will change several times over that time.

Svalberg · 17/04/2017 21:23

Our lenders originally were making us jump through hoops regarding my company accounts, despite that we were only asking to borrow twice OH's salary & I was paying half the house value as a deposit in cash. Bastards.

llhj · 17/04/2017 21:28

That sounds odd. Have you any ccjs or anything like that in your name?

user1492458803 · 17/04/2017 21:28

I'm a SAHM, I wasn't on the original mortgage and now we are re-mortgaging I am down as a resident and had to sign a legal waiver to say that the mortgage company had more right to the house than I do (i.e if anything happened to DH they got their share of the equity first).

Luckily if anything does happen to him we have life insurance so I can buy out the mortgage company.

ImperialBlether · 17/04/2017 21:30

Is he your husband or your partner?

DimpleDumpling · 17/04/2017 21:32

Does it matter if you're not on the mortgage but are on the deed?

Munchkin1412 · 17/04/2017 21:38

The mortgage has to match the deeds - you can't be on the deeds and not the mortgage.

It seems strange - any additional salary should help you borrow more as the days of set income multipliers for single or joint are gone now. MMR means it's really tight now - I'd second going to a broker.

You will have to sign away your right to live in the property if something happened to your dh - it's not about the mortgage company having more rights, the property will be owned by your dh and the mortgage company so you will have no rights.

user1487194234 · 17/04/2017 21:39

Normally the mortgage company will insist that the title and the mortgage are in same names
It used to be absolutely normal for mortgage to be in joint names even if one party was SAHP but some lenders are now lending more if SAHP is left off the title

FrogsLegs31 · 17/04/2017 21:44

Having an "equity participation agreement" drawn up can cover this problem.

KoolKoala07 · 17/04/2017 21:46

My name is on our mortgage but it's only based on Dh's income as I'm self employed and they won't consider my earnings. We jointly own the property 50/50.

PaperdollCartoon · 17/04/2017 21:49

The problem is you're not married. Get married first and you'll have equal rights. Being an unmarried, SAHM is very precarious.

kittensinmydinner1 · 17/04/2017 21:55

The most important thing in this circumstance is to be married. It covers all the legal matters in one easy action. No need for expensive lawyers agreements. Just go to your local registry office (mid week is cheapest ) and 'give notice'. Then take a minimum of two friends or relatives as witnesses. Cost is £212 .
If you want a wedding and the whole shabang just have a blessing later.
Having a child and not being married whilst earning substantially less /sahm is complete madness.
Get married. Then your property becomes an automatic joint marital asset .
Why would he not want to ensure the financial security of his child and partner ?

DimpleDumpling · 17/04/2017 21:55

I work for a mortgage company and this isn't the case. You can very well be in the deeds and not the mortgage you just need independent legal advice.

Get your broker to do their job and find you one that says it's fine.

SouthPole · 17/04/2017 21:56

Hsbc is one high street lender who do allow the people named on the mortgage and title to differ.

Second L&C as really fantastic brokers.

Either way, if you're not on the title or mortgage you can protect your share of the property in other ways - easy and cheap enough via your local solicitor.

eurochick · 17/04/2017 21:58

Without being married this puts you in a precarious financial position.

I'm on our current mortgage as "housewife" which grates a bit. I'm the main breadwinner but we moved when I was in a six week period waiting for a new job to start so we did the mortgage just on my husband's salary as they wanted three months of wage slips from my new job to count mine.

Original poster
khajiit13 · 18/04/2017 22:06

Yes I am married (clue in the titleWink )otherwise I wouldn't even consider it ( the deposit is mostly an inheritance on my side! ) I have no CCJ's and have a good credit history imo, it's just the lack of stable income that seems to be my downfall. I think a broker is a definite! For peace of mind I'd prefer to be on there, those who have mortgages under SAHM, may I ask who it is with and what is in comparison to your OH salary?

OP posts:
reup · 18/04/2017 22:12

Mine was with Nationwide but it was 10 yrs ago. We had sold my previous property so had 2\3 of the value of the house. The mortgage was for about £90,000. We recently borrowed more (about £40,000) also on just his salary as my work is freelance. The house is worth a lot more now though!

eurochick · 18/04/2017 22:38

Ah ok. You say OH in your post which is a bit confusing.

Ours is with Coventry. It's only around a 2x multiple of my husband's salary.