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Original poster

Advice on husband owning home

16 replies

DaphneBridgerton · 09/01/2021 10:40

Married 2 years, I own the property we live in
We want to relocate. DH has suggested we keep this property and he buys our "forever home" as a first time buyer as he's never owned a property before. Makes sense... My issue is that house would be worth twice what this one is and we would probably make lump sum payments into the mortgage when he gets his annual bonus over the next few years (we have discussed this). I am about to have a baby and not planning to go back to work for a couple of years. Where would this leave me? Can he buy the house and then put me on the deeds? Am I entitled to half because we are married. Obviously in an ideal world I do not foresee us breaking up and I do trust him but I want to protect myself and my future child too... So thought I could come here for some sage advice. Thanks

OP posts:
sleepwhenidie · 09/01/2021 10:43

You are married so even if the houses are in separate names they are joint property should you divorce.

Frauline · 09/01/2021 10:44

He's not a first time buyer if you are married

PaterPower · 09/01/2021 11:33

A mortgage advisor could clarify your husband’s position but if he was never on the OP’s mortgage then I’d have thought he’d technically be a first time buyer if the new mortgage is only in his name. (But I admit I don’t know for sure, so...)

PaterPower · 09/01/2021 11:36

“A person is generally classified as a first-time-buyer if they’re purchasing their only or main residence and have never owned a freehold or have a leasehold interest in a residential property in the UK or abroad.”

So it sounds like your husband would qualify as long as he’s not been on the deeds of your current property. But he would have to take the mortgage on his own.

Original poster
DaphneBridgerton · 09/01/2021 12:15

He has never been on the deeds of this home.
He earns enough money to take out the mortgage on his own which is why it seems to make financial sense to do so...

OP posts:
DillyDilly · 09/01/2021 12:22

I wouldn’t agree to it. You should jointly own your own home, if it’s in his own name, quite possibly he will have an air if it being ‘his’ at some level. Especially if you will not be earning a salary.

Wherearemymarbles · 09/01/2021 12:28

As you are married its all joint assets anyway and if you were to divorce in say 15 years your current home would be more or less half his regardless of who is in the deeds now.

Marriage I’m afraid is about merging assets, not protecting them!!

I supposed once you have a child you could put your current house in trust for them, how that might affect a divorce I dont know!!

classiestgal · 09/01/2021 12:34

Seems a very strange thing to do. I’d consult a solicitor before agreeing to that. You should also ringfence any money you put into “his” property

jay55 · 09/01/2021 12:44

As you are married, his property would still count as a second property for stamp duty purposes, so would have the higher rate due.
Long term putting your equity in would likely be better financially than any first time mortgage deal.

billy1966 · 09/01/2021 13:34

@classiestgal

Seems a very strange thing to do. I’d consult a solicitor before agreeing to that. You should also ringfence any money you put into “his” property
Very strange thing to suggest and certainly not in your best interest.

And you are going to be a SAHM.

I would be genuinely very concerned if my husband suggested such a thing after 2 years.

It most certainly is NOT in your best interests.

Get legal advice and I would be re thinking giving up your job.

Flowers
angelopal · 09/01/2021 13:39

We got joint mortgage for our current home. Our previous was bought by me so only DH was technically a FTB. The mortgage advisor said we could get a FTB mortgage due to this.

SimonJT · 09/01/2021 13:42

Does he have a help to buy ISA? If he does it would be silly to miss out on the bonus he could get as a first time buyer.

harknesswitch · 09/01/2021 13:43

After about 5 years of marriage it doesn't want matter who's name is in the house, it's considered a marital asset, this will include your house too.

CindyTurner65 · 09/01/2021 13:46

What benefit does he see in being an FTB? So called "FTB" mortgages don't offer particularly interesting rates. He won't get a discounted stamp duty rate as you're assessed as a married couple and you own property already.

Equally, if you were to split, both properties would form marital assets and so would be considered by any court making a financial order. So he wouldn't be protecting "his" property from any split on the future.

I'm a bit bemused at why you'd be looking at complicating the situation for little to no benefit.

YoniAndGuy · 09/01/2021 13:48

He won't get a discounted stamp duty rate as you're assessed as a married couple and you own property already.

This is the main thing.

There's no real financial advantage to him buying on his own.

Just have both of you on the deeds.

Original poster
DaphneBridgerton · 09/01/2021 16:26

I'm not concerned about his intentions at the moment. I know he thinks it would make the most sense financially because he would need to put down less deposit. But I'm trying to be realistic about the future and what would happen if things changed between us I suppose. Agree we should probably both get some legal advice about what the best options are but I will also make sure I get my own advice if I feel it's necessary

OP posts:
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