Mortgage after getting married

joe_dolan

Registered User
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2
Hi

My wife and I got married earlier this year and are wondering if there's anything we should consider changing in our money management as a result, particularly with our mortgage. Below is some info on our current status, if anyone has any tips I'd appreciate it.

I've seen on some other posts on this site that we should inform Revenue that we are married, so we plan to do that. I earn 50k and she earns 40k so I don't think we will gain much in terms of allocating tax credits though.

The mortgage on our house is in my name only. What would the pro's and cons be of adding my wife to the deeds of the house? If we add her to the deeds does that automatically mean she becomes liable for the mortgage as well? I assume the bank would be in favour of having both our names on the mortgage as it gives them two people to chase for repayments... I'm not sure if there's a benefit to keeping my wife's status as a first time buyer for if we bought a new house in future or for tax reasons.

I see on another post on this site that we might be entitled to extra mortgage interest relief as a married couple (but the 7 years for that are due to expire next year). Would the Revenue take care of this automatically once we inform them we're married or would we need to do something for this?

Apart from the mortgage the only other thing I can think of is trying to get a better deal when we renew our car insurance and travel insurance.

Anyway any advice is appreciated! Thanks!
 
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