Mortgage -joint or sole

[Lance]

It is???

Unless you have another reason why putting her (or him) on the mortgage makes the deal worse?

Someone nearby might disagree.

Quite possibly. Hence why I added that as a caveat. Maybe it should be refined to 'wife is for slightly longer than the current mortgage deal discount period'.

[konsultant]

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

It was based on mortgage illustrations and conversations with specialist mortgage advisor.

[Lance]

It was based on mortgage illustrations and conversations with specialist mortgage advisor.

Did they tell you why it would cost more with your wife on the mortgage?
Did you ask?

[konsultant]

Did they tell you why it would cost more with your wife on the mortgage?
Did you ask?

Yep - because she has been in UK for less than 3 years.

[Lance]

Yep - because she has been in UK for less than 3 years.

Does that then mean she doesn't have as good a credit history?
It certainly sounds like a credit risk decision.

As I said earlier it will cost to get someone added to the title deeds. So if you want to do that later then you can:
1) Do it after a few years when the provider is happy. It will cost to update.
2) Do it when you move house. You'll be paying that same cost when you buy a new property so just add her on then.

For option 1 just work out whether the extra cost of the mortgage is greater than the cost of updating title deeds. A solicitor will quote you but when did it (I owned the house when I met Mrs. L.) it was about £2k

[konsultant]

Does that then mean she doesn't have as good a credit history?
It certainly sounds like a credit risk decision.

As I said earlier it will cost to get someone added to the title deeds. So if you want to do that later then you can:
1) Do it after a few years when the provider is happy. It will cost to update.
2) Do it when you move house. You'll be paying that same cost when you buy a new property so just add her on then.

For option 1 just work out whether the extra cost of the mortgage is greater than the cost of updating title deeds. A solicitor will quote you but when did it (I owned the house when I met Mrs. L.) it was about £2k

Well its not "bad" credit history but "lack" of credit history. The reason for higher rate is due to limited choice of lenders. In sole - I get whole of market.

It is interesting in what you say about adding to title deed. The broker I spoke to said if I add her in future, I will have to pay stamp duty the second time. Not sure if both are the same.

When you say move house, you mean on the deed and mortgage for future second property?

Thanks

[WTFH]

Now that we have some more pertinent information, I would point out that getting a joint mortgage probably would be good for her credit rating.

[Lance]

Well its not "bad" credit history but "lack" of credit history. The reason for higher rate is due to limited choice of lenders. In sole - I get whole of market.

Lack of credit history is bad credit to all intents and purposes.

It is interesting in what you say about adding to title deed. The broker I spoke to said if I add her in future, I will have to pay stamp duty the second time. Not sure if both are the same.

I didn't, but then mine was below the SD threshold. I'm not sure about this but it doesn't sound right to me. But with a will it's meaningless anyway.

When you say move house, you mean on the deed and mortgage for future second property?

I mean buy another house to move into, a nice bigger one. You'll need to get your name on the title deed of the new house, just do it for both of you then. Unless you're buying you first and last house (which would be highly unusual).

[northernladuk]

Now that we have some more pertinent information, I would point out that getting a joint mortgage probably would be good for her credit rating.

And it only took 27 posts to wring out some key details from a poster asking for opinions on a complex situation. Not bad going :

[konsultant]

Thank you all so far

NLUK - to be fair, I did mention in my OP that " My spouse has only recently started working as a permie (<6 months)." :P :P

I'm not sure about this but it doesn't sound right to me. But with a will it's meaningless anyway.

True - I will recheck this with my mortgage broker.