Does it make a difference if I’m on the mortgage? (SAHM)

[IHateThinkingUpANewUsername]

Our current (5 year) mortgage offer is up later this year and I (we) were just wondering if there is any difference in affordability (from the banks POV) if I’m on the mortgage as a SAHM? would it be better for my husband to take out a sole mortgage? Is that even allowed or will the bank want to make me responsible for the debt too?

I’m obviously on the deeds and all other paperwork as an owner but also wouldn’t want to jeopardise myself by not being on the mortgage?!

Speak to the bank and/or a broker. They may apply a different multiplier for a joint mortgage versus a sole mortgage.

Some lenders won't want someone on the deeds if they're not also liable for the debt. They will be interested in your credit profile.

Are you carrying on with the same provider or looking to switch? I’m a sahm and if we stayed with the same provider on a new deal there were no affordability checks etc. Obviously if we went elsewhere then we would have to have our application assessed on the income we had. Not sure it would make a difference as your contribution would be £0 either way. But that’s not based on any expertise so someone may come along and be more helpful on that point.

I also don't earn much but am still on both mortgage and deeds, but they said it was better to put my income as 0 rather than the rather meagre amount I earn.

I feel happier knowing I'm on both. If you're not in the mortgage, your DH could potentially remortgage etc without your permission, and you'd have no say.

I think it makes a difference with affordability in that if you aren't a joint applicant you are a dependent. If you need to borrow the most possible, a decent broker will work it out for you. Some lenders let you use any benefits as your income, which not only helps but also stops you being a dependent.

I believe you can still be on the deeds even if not liable for the mortgage if you are married. I'm not 100% on this though.

If you are on the deeds then you have a say in remortgaging. As house partly belongs to you so your husband can’t remortgage with you knowing. Surprised you are on deeds already but not mortgage as most lenders don’t like this. Being on a mortgage would be better for your own credit score.

I am a long term SAHM (16 years) and I have been married for 20 years and had a mortgage for 19 years. Both Dh and I are on the mortgage and the deeds. No broker has ever mentioned removing me for any reason. This has included Dh being self employed as well as employed.

Im already on the deeds and the current mortgage. Just wondering if it made any difference when we come to remortgage. Guess we’ll just ask the bank / broker when the time comes.

(We both have excellent credit scores)

Phone up your current provider first. They may just put you on a new fix rate without any checks. 5 minute job.