sole mortgage when you’re married

Mike271

New Member
Messages
5
Hi all

We are a married couple. My wife have poor credit history due to a failed business.

I have a mortgage before we met, now we want to move to a bigger home.

can I apply for a mortgage by myself even though I am married?
we have no problem with the repayments as I am a high earner

can this be done?
 

Monbretia

Frequent Poster
Messages
1,849
Unlikely, while technically it's possible bank policy in general is that mortgages on family home must be joint. Ask a broker in case they know of any lender likely to do it especially if your own income is sufficient.
 

Mike271

New Member
Messages
5
Thanks for the reply. I did ask a broker last week and they said that they have done it before on a couple of occasions
 

Monbretia

Frequent Poster
Messages
1,849
I have seen it done too on perhaps a couple of occasions for very exceptional reasons and back when things were a lot more lenient in lending, I'd suggest going with the broker who can do it so as it definitely won't be the norm for lenders.
 

Mike271

New Member
Messages
5
Many thanks for your input, any recommendations on brokers or lenders who would be food for this?
 

Mike271

New Member
Messages
5
So reading between the lines even if a broker does take it on, there is very little change of getting it
 

Thirsty

Frequent Poster
Messages
2,648
IANAL

The issue is with Family Home legislation.

As Jane and Jack are married, even if only Jack's name is on the deeds of the house, Jane is considered to be a full joint owner of the property.

The bank would have a mortgage with Jack secured on a property which is jointly owned by Jane and Jack.

Solution might be to have a strategic separation. That way the new property could be purchased in Jack's name and with a sole mortgage.

However, if I were Jane's Solicitor I might advise her against this as she loses all her Family Home protection.
 

Monbretia

Frequent Poster
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1,849
You'd have to produce a separation agreement dealing with property etc.

If you have a high enough income any chance you could buy the new property as a 'buy to let', you can get a mortgage for that in your own name, will need a bigger deposit, high income to service both mortgages technically, higher rate but you could always decide at a later date to move into it and sell your own! :) Not sure if you can then get bank to move your rate back to home loan rate, they might then insist on having the mortgage in both names to do so but sure then you can add your wife's name on, it's not like they can refuse as you already have the money! This plan would only work of course if you have sufficient income for both mortgages together with the potential 'rental' from new investment property :)
 

Mike271

New Member
Messages
5
In our current home we owe €110k and the property is valued at €200k.
i am just looking for a mortgage of €160k as we have savings plus the equity from the sale of our current home.
A buy to let property is not an option as we would be stretched with the 2 of them
 
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