Mortgage Query: To marry or not!

MetHerInSolas

Scenarios:
1. I own an apartment and my girlfriend wants to buy a house.

2. I own an apartment and my wife wants to buy a house.


Question:
I presume if my girlfriend becomes my wife her financial buying power will be diminished by marrying me as I already have a mortgage?

We are worried that if we get married we won't be able to buy a house as we would like to.

Any advice would be gratefully received....cheers

Doodah7

I would strongly suggest that your basis for marriage should not be predicated on whether you can get a mortgage or not...

MetHerInSolas

That's not an answer to the question I asked 'her financial buying power will be diminished by marrying me"?

TiGeR KiNgS

MetHerInSolas wrote: »

That's not an answer to the question I asked 'her financial buying power will be diminished by marrying me"?

no is the answer

MetHerInSolas

To clarify her ability to get a mortgage and the amount she would be offered will not be affected when we get married?

Remember I have a mortgage.

Stheno

MetHerInSolas wrote: »

To clarify her ability to get a mortgage and the amount she would be offered will not be affected when we get married?

Remember I have a mortgage.

Your mortgage and commitments will be taken into consideration afaik

phormium

The difference is if you are married then you will definitely have to go with a joint mortgage for a family home, your existing mortgage and your income will be factored in.

To get a mortgage based on her income and outgoings only she will need to be single, now whether or not she is going to tell the bank she is single when clearly you are a couple is up to her.

Liam D Ferguson

It's very hard to give any meaningful reply to your query without knowing your circumstances. If your mortgage is quite small and your salary is quite big, then you'd be adding to her ability to get a mortgage. If your mortgage is costing you most of your disposable income then she would be better off on her own application as you would be dragging a joint application down.

MetHerInSolas

Thanks Liam for the reply.

At the moment my mortgage costs me about 1/3 of my income and that will increase I over the coming years I believe.

This is why I believe if we get married then getting a decent mortgage will be hard.

Trish56

I think your girlfriend should apply now in her name only. If you wait to apply when you are married the repayment on your mortgage will be stress tested by 2% and if you are in negative equity rental income will not be taken in account. This can make a huge difference to how much you can borrow.

MetHerInSolas wrote: »

Scenarios:
1. I own an apartment and my girlfriend wants to buy a house.

2. I own an apartment and my wife wants to buy a house.


Question:
I presume if my girlfriend becomes my wife her financial buying power will be diminished by marrying me as I already have a mortgage?

We are worried that if we get married we won't be able to buy a house as we would like to.

Any advice would be gratefully received....cheers

dellas1979

I think it is a very good and practical question to ask.

Marriage isnt only about love/religion/romantic notions, due to how you are seen in the eyes of the law, the state, and banks. Due to these factors, there is (if you realise or like it or not) a business side to it too.

Yes, if you marry her and she/you want to buy a house, you will be assessed as a couple. All your business will be taken into consideration.

If she buys as a single, it will be only her. Plus whatever first time buyer bonus' there are out there at the moment.

If you are really thinking about her buying a house for both of you though (as a single), and you are contributing to the household/mortage, I would seek advice about your name getting on the deeds at some stage.