Good afternoon.
New to this forum, seeking advice in a complex matter.
Background:
Married, 2 young children,
I am FT employed, Salary 55k, Personal Savings 75k. No loans or debts. Clean credit rating.
Spouse is unfortunately battling a long-time Gambling Addiction. His income is sporadic as might be expected. He has no savings, but thankfully also, no debts, and has clean credit rating.
Finances are completely separate, have been for some time.
We have lived for the last 3 years, with our children, at his family home, with both his (incredible) parents. My husband is a good man and a good father, marriage separation is not a possibility right now, but I have relented to the reality that owning my own home, offering my children their own space and stability, is now solely down to me.
My Joint Mortgage Query
I understand that as I am married, I must apply for Joint Mortgage (Property Value 200k, Max 18 year term, as in my late 40s).
However, as my husband will not be contributing anything towards either the Deposit or Mortgage Repayments, how can I best arrange that he can lay no claim to the property?
Am I best to have a legal agreement with him, through solicitors, before applying for a mortgage?
Once a property is acquired, mortgage drawn down etc, what should I do then, to firm up my security and sole ownership of the property?
Your advice is appreciated,
Thank You
New to this forum, seeking advice in a complex matter.
Background:
Married, 2 young children,
I am FT employed, Salary 55k, Personal Savings 75k. No loans or debts. Clean credit rating.
Spouse is unfortunately battling a long-time Gambling Addiction. His income is sporadic as might be expected. He has no savings, but thankfully also, no debts, and has clean credit rating.
Finances are completely separate, have been for some time.
We have lived for the last 3 years, with our children, at his family home, with both his (incredible) parents. My husband is a good man and a good father, marriage separation is not a possibility right now, but I have relented to the reality that owning my own home, offering my children their own space and stability, is now solely down to me.
My Joint Mortgage Query
I understand that as I am married, I must apply for Joint Mortgage (Property Value 200k, Max 18 year term, as in my late 40s).
However, as my husband will not be contributing anything towards either the Deposit or Mortgage Repayments, how can I best arrange that he can lay no claim to the property?
Am I best to have a legal agreement with him, through solicitors, before applying for a mortgage?
Once a property is acquired, mortgage drawn down etc, what should I do then, to firm up my security and sole ownership of the property?
Your advice is appreciated,
Thank You