His Mortgage or Ours?

T

The Misses

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Myself and my partner are hoping to buy a house in the next few weeks! I am a bit clueless to be honest on how the system works but cant help felling my partner is pulling the wool over my eyes! What I'm wondering is....

Are we better of if he applies for the mortgage alone as single, employed first time buyer? If he does this can my name be on the house and not the mortgage?

Or how would it effect him if he applies with myself and children as dependents?

Thanks for sheding any light on these,
The Misses
 
Hi, thanks for the reply! Its not that he's suggesting to put me on it, its metrying to be entitled to something really, its not like buying a dog is my veiw! He says that with me being a SAHM with children he will be offered less of a mortgage as having dependents, is that true? Would he be offered more money as single?

The Misses
 
The Misses said:
... He says that with me being a SAHM with children he will be offered less of a mortgage as having dependents, is that true? ...
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In stress testing the mortgage proposal, it is possible that declaring any additional family outgoings might effect a lender's view of his ability to repay.

The other side of that is if he doesn't declare any additional family costs, he may find himself in trouble financially down the line.
 
If you are married, you will have certain automatic entitlements to the property whether you are on the Deeds or not. But most lenders will insist that both parties are on title.

If you are not married, then any property held in his sole name will belong to him and him alone.

If he thinks he may be able to borrow more by not declaring his actual status as having dependents, I'd have very serious worries about his intentions.

mf
 
When I first went to get a mortgage my other half was not working and we had 2 kids with a third on the way. I went in and was 100 % honest and for every dependent I had the guy knocked about 20k off what I could borrow, so I left there with the guys saying no chance and went to another bank and told them I had no dependents and I could borrow a hell of a lot more, Which I did and now have a very nice house and can make the payments just fine.

Are you working full time or are you classed as a dependent ?
 
I'm not working at the moment but hope to go back to work towards the end of the year! We are not married and wont be for a few more years, I just very unsure about the way we are doing it as I feel after all my hard work I will be living in his house instead of our house!
 
This is very politically incorrect but , my advice is get the ring on the finger! If, of course, you feel that you do have a long term future.

mf
 
mf1 said:
This is very politically incorrect but , my advice is get the ring on the finger! If, of course, you feel that you do have a long term future.

mf
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Have to agree. Otherwise go on the mortgage now as a joint owner.

You can have the title transferred into joint names at a later date (subject to the lender allowing it) but a) the legal work will cost more b) why shouldn't you be on title from the beginning when the reason you are not working outside the home is (presumably) due to raising your children?

Your partner has to sign that the information given to the mortgage provider is correct. This includes declaring dependents.
 
If you make payments towards the mortgage or the upkeep of the house you will be fine, I think, if ye split up.

Personally though, I get the impression that both of ye don't trust each other, so are ye doing the right thing?
 
As you have said "you and partner hope to buy a house soon". It does not sound to me like a partnership if he does not wish to have you as joint owner of the house. As the mother of his children surely he wants security for you and children also.
If it were me I would make sure I was joint owner of house and mortgage and that both parties contribute to the mortgage (even if you are not in a position to do so at the moment)
If you have doubts now is the time to clear them
 
Thanks for the replies, now I have a bit more to think about! Will have to look into it a bit more, he had been to the bank last week and was offered a bit less than we had hoped for and that was as 'single' so I'm afraid now that if I do get him to declare it for my own selfishness we might not be able to buy at all!?
 
renno rannes said:
When I first went to get a mortgage my other half was not working and we had 2 kids with a third on the way. I went in and was 100 % honest and for every dependent I had the guy knocked about 20k off what I could borrow, so I left there with the guys saying no chance and went to another bank and told them I had no dependents and I could borrow a hell of a lot more, Which I did and now have a very nice house and can make the payments just fine.

Are you working full time or are you classed as a dependent ?
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Well that's good for you that you got a house because you told lies. Now if thing go pear shaped for you and you can't afford to pay it. I'll take that you won't becoming on here whingeing about it and looking for sympathy?
 
UptheDeise said:
Well that's good for you that you got a house because you told lies. Now if thing go pear shaped for you and you can't afford to pay it. I'll take that you won't becoming on here whingeing about it and looking for sympathy?
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Eh well no hopefully I wont be in that situation, my point was that if I had of said I had dependents I would not have been able to get a house which we needed badly si I did what I had to, It was very affordable but the way the bank went about it at the time would have ment Id never own a house.
 
renno rannes said:
Eh well no hopefully I wont be in that situation, my point was that if I had of said I had dependents I would not have been able to get a house which we needed badly si I did what I had to, It was very affordable but the way the bank went about it at the time would have ment Id never own a house.
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No your point is that you lied. Like so many. Now I don't care about your lies. I'm just saying that when everything falls to pieces around you head, you will not expect the taxpayer to bail you out.
 
UptheDeise said:
No your point is that you lied. Like so many. Now I don't care about your lies. I'm just saying that when everything falls to pieces around you head, you will not expect the taxpayer to bail you out.
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No of course I wont, I have a very small mortgage now and as a long time tax payer myself ill just take what im due in that situation.
 
UptheDeise said:
If you make payments towards the mortgage or the upkeep of the house you will be fine, I think, if ye split up.
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Terrible advice! If she contributes to the mortgage and his name is on the mortgage/deeds and they split up, then she would be entitled to exactly nothing.

The best way to get around this would be to draw up an agreement about what happens to the house in the event of a split.
 
plant43 said:
Terrible advice! If she contributes to the mortgage and his name is on the mortgage/deeds and they split up, then she would be entitled to exactly nothing.

The best way to get around this would be to draw up an agreement about what happens to the house in the event of a split.
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Thats what we plan to do anyway but I'm still unsure about it!

Can anyone tell me, the bank told him that if he had a guarentor then he might be able to get more money, if that is true, can you only have 1? My reason for asking is, if I go on the mortgage, both my parents would be guarentor if I ask them, could that maybe equal the amount if all dependents are declared?

Thanks,
The Misses
 
The Misses said:
... Its not that he's suggesting to put me on it, its metrying to be entitled to something really, its not like buying a dog is my veiw!
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You don't seem to trust him and maybe he doesn't trust you. Maybe you need to have a broader look at the relationship, not just in the context of a mortgage.
UptheDeise said:
If you make payments towards the mortgage or the upkeep of the house you will be fine, I think, if ye split up....
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Untrue - see other related threads and previous posts in this thread.
 
plant43 said:
Terrible advice! If she contributes to the mortgage and his name is on the mortgage/deeds and they split up, then she would be entitled to exactly nothing.

The best way to get around this would be to draw up an agreement about what happens to the house in the event of a split.
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That why I said I think!
 
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