Want to self build but husband has a mortgage

[Mandyannie]

Hi there,
Any advice will be much appreciated !!
My husband has a mortgage since before we got together, we are currently living in the house but since it was intended as a investment property by him at the time, we both want to build on a family site where we originally come from.

Long story short, the site we want to build on is on my husbands family farm, I want to know, if the site is in his name, and our existing mortgage is in his name, would it be possible for me to go for a mortgage on my own and leave him off the application ? Now keep in mind the site is in his name... Does it have to be in mine if I am the one looking for the mortgage ?... With regards other house,we plan to rent it if possible..

Thanks in advance : )

 

[wbbs]

Practically all lenders insist on the family home mortgage being in joint names, they will want to underwrite the loan based on all income and outgoings of the couple, it makes sense.

You could in theory get mortgage approval to build without having the site initially in your name but obviously it would be transferred as part of the mortgage set up as you would have to own the site the house was on, however the site issue is fairly irrelevant as I think you are very unlikely to get a mortgage for family home in your sole name.

 

[Bronte]

No bank would allow this. The site in his name means he has title not you. In addition they will look at all your incomes and outgoings and treat it as a joint application.

 

[Troy McClure]

We were similiar to this. I had a site and a mortgage from before I met my wife. We applied for a joint mortgage. We were married and undertook that we would put it into both names before completion. However, It was not something we were hard pressed on initially by the bank. This was in 2011. They put us through every hoop and with the first couple of drawdowns they delayed and mucked about. You are talking about applying alone. I don think this will remove your husband from the accessment as you are married. 'For better or for worse'! this has legal implications.