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Mortgage -joint or sole

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    #11
    My opinion is that you and your partner have to make that decision yourselves, with both of you in agreement.
    If the two of you decide together that the mortgage will be solely in your name, then before you take the mortgage out, make sure you both have wills drawn up.
    …Maybe we ain’t that young anymore

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      #12
      Originally posted by northernladuk View Post
      Those are probably reasons many partners would want to be on it.. if you get my meaning.
      It's his spouse so they are married.

      A spouse has rights over the property unlike an unmarried partner. The mortgage company will be aware of this.
      "You’re just a bad memory who doesn’t know when to go away" JR

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        #13
        Originally posted by SueEllen View Post
        It's his spouse so they are married.

        A spouse has rights over the property unlike an unmarried partner. The mortgage company will be aware of this.
        I'm aware of that thank you. In my case this question came up and was answered in seconds in my, and I'd imagine many households, whatever the real legal situation and 30 quid saving. That's all I'm getting at.
        'CUK forum personality of 2011 - Winner - Yes really!!!!

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          #14
          Thanks everyone so far

          I understand that "we" have to make the decision. However my query was if any of the options in my first post is better than the other?

          If they make no difference then that's something different. But if there are pros and cons of one over other - I would be interested to hear them so "we" can consider in our decision making.

          Comment


            #15
            Originally posted by SueEllen View Post
            It's his spouse so they are married.

            A spouse has rights over the property unlike an unmarried partner. The mortgage company will be aware of this.
            The implication here is that the spouse has a bad credit rating. That would surely apply to the OP as well though (same address for xx years, same household etc.).

            Personally I'd keep shopping round till I found a provider that gave the best deal as joint (going on the basis that a wife is for life). What you don't want is a sole mortgage and later when you want to add the spouse on it costs you thousands to have the deeds redrawn by a solicitor.

            To the OP - Is this a mortgage in principle or an actual offer based on a property? If the former then don't be too giddy as they can change
            See You Next Tuesday

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              #16
              Originally posted by Lance View Post
              The implication here is that the spouse has a bad credit rating. That would surely apply to the OP as well though (same address for xx years, same household etc.).
              It is???

              Personally I'd keep shopping round till I found a provider that gave the best deal as joint (going on the basis that a wife is for life). What you don't want is a sole mortgage and later when you want to add the spouse on it costs you thousands to have the deeds redrawn by a solicitor
              Someone nearby might disagree.
              'CUK forum personality of 2011 - Winner - Yes really!!!!

              Comment


                #17
                Mortgage -joint or sole

                Without knowing all the details - such as any lock in period, the cost of switching, etc, or knowing your spending levels, any savings that might be happening, other sources of income, the interest rate, the LTV, the amount you will be spending on improving the property, etc, any suggestions made here are based on guesswork and assumption.

                In my circumstances, which might be the same as yours, but most likely were completely different, we chose to have a joint mortgage. We looked at all the available information and got advice from people who knew that information, or we shared it with them. The reason we chose a joint mortgage was a simple one for us.
                …Maybe we ain’t that young anymore

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                  #18
                  In my circumstances, which might be the same as yours, but most likely were completely different, we chose to have a joint mortgage. We looked at all the available information and got advice from people who knew that information, or we shared it with them. The reason we chose a joint mortgage was a simple one for us as I didn't like the idea of having my bollocks chopped off.

                  HTH
                  'CUK forum personality of 2011 - Winner - Yes really!!!!

                  Comment


                    #19
                    Originally posted by Lance View Post
                    The implication here is that the spouse has a bad credit rating. That would surely apply to the OP as well though (same address for xx years, same household etc.).
                    Clearly not as the OP can get a mortgage on their own without their spouse being taken into consideration.


                    Originally posted by Lance View Post
                    Personally I'd keep shopping round till I found a provider that gave the best deal as joint (going on the basis that a wife is for life). What you don't want is a sole mortgage and later when you want to add the spouse on it costs you thousands to have the deeds redrawn by a solicitor.
                    The spouse can be on the deeds but not the mortgage but I doubt the lender will like it.
                    "You’re just a bad memory who doesn’t know when to go away" JR

                    Comment


                      #20
                      You're married so I don't think it makes much difference tbh.

                      Even in terms of buying second properties etc, you're counted as a unit regardless of your spouse being on the mortgage.

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