1 or 2 persons on mortgage?

M

masterboy123

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We are a married couple and both of us are working in full time jobs.
My salary alone will qualify for the mortgage we need, however I am wondering if there are any cons or pros of having mortgage on both our names?

For example, does mortgage protection rate goes higher if its 2 persons?

Thank you
 
AFAIK most banks will insist on both names being on the mortgage in the case of a married couple. It gives them a better security.
 
Yes.

We recently bought a house.

Wife is SAHM.

Both of us on deeds, both of us on mortgage.

We are jointly and severally liable for the debt - important to understand that.
 
Apart from the fact a bank, in general, will not allow this, it’s going to cause friction if only one name is on the deeds. And having one name only actually doesn’t guarantee ownership.
 
Bronte said:
Apart from the fact a bank, in general, will not allow this, it’s going to cause friction if only one name is on the deeds. And having one name only actually doesn’t guarantee ownership.
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So if the deeds are in one person's name but the mortgage in both names, married, who actually owns the house?
 
Laramie said:
So if the deeds are in one person's name but the mortgage in both names, married, who actually owns the house?
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That would depend on the mood of a judge on the day.

But generally the person paying the mortgage would have more prospect of ownership. People, particularly married couples have rights separate to being on the deeds, it’s a common perception people have that being on the deeds means absolute ownership. It does not.

Also mistaken are those who think them paying the mortgage and the wife paying the groceries and utilities means the wife doesn’t have property rights. For example.
 
Yes.

I bought first house when single.

I owned the house, I paid all mortgage repayments.

Then I married.

Wife didn't own house, but had legal rights to occupancy, and had rights if we separated.
 
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