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Adding a person to Mortgage

  • 14-02-2011 3:39pm
    #1
    RebelRebel
    Registered Users, Registered Users 2 Posts: 127 ✭✭


    I'm getting married later this year and wanted to add my fiancee to the mortgage. The reason I want to do this is that her Job will make a contribution to any mortgage that she has so it would save us money.

    However when I rang the bank to enquire about it they said that we would have to apply for a new mortgage. Now I don't want to do this as i'm on a tracker rate and have no intention of losing it.

    I would have thought adding a person to the mortgage would have been good for the bank as it spreads their risk.

    Does anyone have any experience of this. I thought it would be a simple matter of a transfer of equity form etc.

    Thanks,


Comments

  • #2
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,077 ✭✭✭3DataModem


    Every bank everywhere will make you re-apply. They need to consider both parties assets AND liabilities. Also you need to add her to the deeds of the house (no bank will be able to lend to a person who does not own the asset). Adding a person does not necessarily make the mortgage "better" for the bank.

    Suggestion:

    (1) Examine the terms of her work 'mortgage contribution' benefit. Perhaps it applies to rent also (and she could pay you 'rent')? Perhaps they will backdate it once you are married?

    (2) Ask the bank if they will consider a reapplication but - if successful - leave you on the current rate (pretty flippin' unlikely).


  • #3
    RebelRebel
    Registered Users, Registered Users 2 Posts: 127 ✭✭RebelRebel


    3DataModem wrote: »
    Every bank everywhere will make you re-apply. They need to consider both parties assets AND liabilities. Also you need to add her to the deeds of the house (no bank will be able to lend to a person who does not own the asset). Adding a person does not necessarily make the mortgage "better" for the bank.

    Suggestion:

    (1) Examine the terms of her work 'mortgage contribution' benefit. Perhaps it applies to rent also (and she could pay you 'rent')? Perhaps they will backdate it once you are married?

    (2) Ask the bank if they will consider a reapplication but - if successful - leave you on the current rate (pretty flippin' unlikely).

    Understood 3Data, Fair point. I would add her to the deeds as well. And I understand what your point about liabilities etc so it makes sense that we would have to reapply.

    Option No. 2 is worth a shot I guess but I think we know the answer already!

    I'll check out option No. 1 but I'm pretty sure she investigated it and it was not applicable to renting.

    Appreciate the reply.


  • #4
    ravima
    Registered Users, Registered Users 2 Posts: 848 ✭✭✭ravima


    Bank should be biting your hand off to add her to the mortgage. If she is not added, and you can't pay, then she could muddy things up by saying she lives there, she is your wife and they can't evict her or sell the place without her consent.

    You (and her) might actually be in a stronger position by NOT having her on the mortgage.


  • #5
    RebelRebel
    Registered Users, Registered Users 2 Posts: 127 ✭✭RebelRebel


    ravima wrote: »
    Bank should be biting your hand off to add her to the mortgage. If she is not added, and you can't pay, then she could muddy things up by saying she lives there, she is your wife and they can't evict her or sell the place without her consent.

    You (and her) might actually be in a stronger position by NOT having her on the mortgage.

    Interesting perspective. I too thought they would be much happier having a second person with no liabilities on the mortgage, as it is in negative equity.

    Food for thought!
    Thanks for the reply.


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