Mortgage -joint or sole

[konsultant]

Mortgage question to all experts out here please -

I am married and FTB and looking to secure my first property. I am in a long contract and just got a years extension. My spouse has only recently started working as a permie (<6 months).
The mortgage rate I get on a sole mortgage is cheaper than a joint one - that translates to £30 per month on mortgage payments.

I wanted to understand if there is any advantage of 1.) sole ownership + sole mortgage over 2.) joint ownership + joint mortgage or the other way round?

Or any implications with regards to death, insurance, inheritance etc that I need to be aware of in either of the two cases to help me make a decision?

Thank you

[northernladuk]

You've spoken to your accountant first I assume?

[konsultant]

Yes - but this isn't really a accountant query

Thank you

[SueEllen]

Yes - but this isn't really a accountant query

Thank you

Have you both got wills? Even if the property was joint you should both have wills.

[konsultant]

Have you both got wills? Even if the property was joint you should both have wills.

Hi SueEllen,

No we dont at the moment - but can get one made.

The decision I need to make at the point is the two options I mentioned in the first post

[northernladuk]

Will your other half be comfortable with sole ownership regardless of the benefits etc.. Just on principle even though they might not be correct or make a difference?

[WTFH]

The decision is not for us to make. The questions you need to get answers to are:
1. Have you discussed it with your partner?
2. Have they told you how they feel about it?
3. Have you discussed the implications with a financial advisor?
4. If you are using a mortgage advisor who specialises in contractors (as was suggested to you recently), what is their advice?
5. Do you have a joint bank account with your partner?

Or, if you don’t want to answer those, what answer would you like us to give?

[konsultant]

Will your other half be comfortable with sole ownership regardless of the benefits etc.. Just on principle even though they might not be correct or make a difference?

Well, deposit is entirely coming from me and the mortgage is being solely offered on my finances.

At remortgage - both the finances could be considered, especially if I had been out of contract or not having a good trading year.

But other than a better interest rate right now (short term benefit), I dont know what else (long term) I should be looking at.

Thanks

[konsultant]

The decision is not for us to make. The questions you need to get answers to are:
1. Have you discussed it with your partner?
2. Have they told you how they feel about it?
3. Have you discussed the implications with a financial advisor?
4. If you are using a mortgage advisor who specialises in contractors (as was suggested to you recently), what is their advice?
5. Do you have a joint bank account with your partner?

Or, if you don’t want to answer those, what answer would you like us to give?

Sure, I am not asking to make a decision but asking for opinions based on been there done that or if anyone had similar decisions

Yes my partner is aware of it and is OK. We dont have any joint account.
Yes, The specialist mortgage advisor has told me what best offers and lenders I can get with each of the scenario.

[northernladuk]

Well, deposit is entirely coming from me and the mortgage is being solely offered on my finances.

Those are probably reasons many partners would want to be on it.. if you get my meaning.