Re mortgage question

[natt256]

Hi

Me and my husband are first time buyers. I am not currently going to be on this mortgage as my credit history isnt the best and we struggled to find anyone to accept me so my husband has managed to get one on his own.

Now this is a hypothetical question..
If, when our 5yr fixed term is up, and we go to get a new mortgage, can I be added onto it, and possibly borrow more money to build an extension on our home?

I assume once I'm added on to the mortgage, my wages will be taken into consideration and we could possibly borrow a bit more? My credit history will have improved dramatically by then so that wont be an issue.

Is that how it works?

Thanks

Yes, you can be added later. We did this and it meant I wasn’t on the mortgage or deeds for two years until we remortgaged. (It wasn’t because of my credit rating so I don’t have knowledge of how long that takes to improve).
Only you know whether it’s a good idea though, as you’re putting yourself at significant financial risk handing everything over to your husband.

No I know it's not ideal but we've sort of been rushed into buying. We never really thought it would be possible, but our landlord is selling our house, and I really don't want to move into a 5th rented house in as many years as it's not fair on the children. So we haven't really had time to plan or prepare, my credit score has already gone up but it wont be good enough quick enough as we need to be out of our current house in a few weeks.

I assume that because you are married, your interest in the house will be protected despite the fact that it's in your husbands name only, but it might be worth chatting to a solicitor about this. You might be able to get a deed of trust drawn up ensuring you're entitled to half if you do split.

That's brilliant thank you, I'll have a look into that.

When I do get on the mortgage could we potentially borrow more for an extension 😂?

@natt256 who knows what you might be able to do in the future! Would depend on planning permission and what is happening with the market...will it still be stable after Brexit ?!

Yes in theory if your combined earning power is higher then you should be able to borrow more to extend.

Thank you, I know there are a lot of variables, but I just meant in terms of 'Can mortgages work like that?'

But that's great, thank you.

Yes, subject to affordability and other checks (house value, your ages if looking to extend the term, and a lender being happy with the purpose of the additional borrowing for example) you can increase the mortgage