Mortgage for wife only?

eyescreamcone

My credit rating is shot.
I've several mortgages under severe pressure.
All these mortgages are in my own name only, from before I met my wife.

I'm wondering is it possible for my wife to get a mortgage in her own name only?
She has a good job and enough saved for a deposit.

Will the fact that she is married go against her in securing a mortgage?
If so, why?

The_Conductor

eyescreamcone wrote: »

Will the fact that she is married go against her in securing a mortgage?
If so, why?

Because, as her spouse, you have a legal interest in the property.

D3PO

perhaps your wife should use the savings to pay some of these uner pressure mortgages.

Words cant describe my disgust at this thread.

and thankfully its not as simple as her getting a mortgage with a blind eye turned to you.

eyescreamcone

D3PO wrote: »

perhaps your wife should use the savings to pay some of these uner pressure mortgages.

Words cant describe my disgust at this thread.

and thankfully its not as simple as her getting a mortgage with a blind eye turned to you.

Why should she pay her money towards a mortgage she is not part of?
Crazy talk.

If we were single but cohabiting I wouldn't imagine there would be any problem.
Is she being discriminated against for being married?

Diemos

You could always divorce her.

On a side note, if you (as a couple) have a number of mortgages in distress, why would you want another one?

The_Conductor

OP- a number of forum users are convinced you're trolling- and to be honest, you're not helping your case. I'm going to leave your thread open, on a temporary basis- providing you have a genuine question or scenario you'd like to discuss. If reality doesn't appear to feature- I'm closing it.

Regards,

The_Conductor

eyescreamcone

Diemos wrote: »

You could always divorce her.

On a side note, if you (as a couple) have a number of mortgages in distress, why would you want another one?

We don't as a couple have a number of mortgages in distress.
I have mortgages in distress.
She's as clean as a whistle and not a party to my debt.

We are living in one of my houses. But if this was ever repossessed we'd need somewhere to go.

Ridiculous to suggest that she should throw her savings at my debt (and then go bust!).

ted1

eyescreamcone wrote: »

Why should she pay her money towards a mortgage she is not part of?
Crazy talk.

If we were single but cohabiting I wouldn't imagine there would be any problem.
Is she being discriminated against for being married?

No.
there is legal contract between the two of you (AKA Marriage)
you have a legal claim to assets obtained during the contract, therefore you will have an interest in the property

The_Conductor

eyescreamcone wrote: »

We don't as a couple have a number of mortgages in distress.
I have mortgages in distress.
She's as clean as a whistle and not a party to my debt.

We are living in one of my houses. But if this was ever repossessed we'd need somewhere to go.

Ridiculous to suggest that she should throw her savings at my debt (and then go bust!).

Any assets accrued by you, or her, since your marriage- either party has legal entitlements and/or claims to (look at the issues with Gail Killilea Dunne). If she accrues an asset such as a property- and you bankrupt yourself- you would be viewed as having a share in the asset, irrespective of how you tried to show she had ringfenced her finances from yours.

If she buys a property- which she could do- it would be at risk through your insolvency. You are not viewed as separate legal entities. If you don't accept this- go ahead- and argue it in court (Sean Dunne certainly is)- be my guest- but that is the situation.

The best advice I can give you- is don't do anything at all. Wait and see how the Sean Dunne/Gail Killilea case pans out- and use it as a case study for yourself and your wife (obviously the Irish leg of the court case- unless you're also planning on upping sticks and moving to the US).

eyescreamcone

My case is different in that my wife has a salary greater than mine and has her own savings.

If the banks on my back could chase her house why couldn't they chase her bank accounts??

murphaph

eyescreamcone wrote: »

Is she being discriminated against for being married?

For richer, for poorer.

ted1

eyescreamcone wrote: »

My case is different in that my wife has a salary greater than mine and has her own savings.

If the banks on my back could chase her house why couldn't they chase her bank accounts??

it no different that others.

My wife stays at home minds the kids and has no income what so ever. but yetI had to put her on the mortgage.

murphaph

eyescreamcone wrote: »

My case is different in that my wife has a salary greater than mine and has her own savings.

If the banks on my back could chase her house why couldn't they chase her bank accounts??

Her bank accounts aren't the family home, which you'd have a legal interest in. You don't have a legal interest in her other wealth.

Mrs OBumble

OP, you don't seem to understand the reality that with a marriage contract comes sexually-transmitted-debt.

I really do think that this needs to be emphasised a bit more in marriage licensing / preparation. It seems to surprise people that even though they have separated, they are still liable for debts that the other party racks up until they get divorced.


All that said - I am interested in this thread, and can raise a good discussion topis:

My partner is not motivated by saying money. He has either no credit ratig (never had credit card, only had a bank account for a short time 15+ years ago) or a poor one due to slowness in repaying trivial amounts (hundreds, not thousands) to a credit union. He has no aspirations of ever affording a house (apart from via Lotto). However I earn real money, and have different ideas. Assuming all the usual conditions (deposit, secure employment, savings record, adequate income for all peopel supported by itetc) - would I be able to get a mortage here in my own name? Or would he have to be one it, and would his lack of credit worthiness be an issue.

Thoughts?

eyescreamcone

But if my wife bought a house for cash (without a mortgage)...would my name have to go on the deeds???

phormium

Partner or spouse?

If married most banks will insist in any family home mortgage being in joint names, policy decision for them. Buy to let properties can usually be bought in sole name whether married or not (if banks were doing BTLs)

ted1

eyescreamcone wrote: »

But if my wife bought a house for cash (without a mortgage)...would my name have to go on the deeds???

It's to do with banks share and their ability to recover the mortgage

Bepolite

There is legislation and the whole underlying area of equity that makes it more complicated that 'what's written is written'. OP you need proper financial advice.

eyescreamcone

Bepolite wrote: »

There is legislation and the whole underlying area of equity that makes it more complicated that 'what's written is written'. OP you need proper financial advice.

Thank you.
Of course I wouldn't be making important decisions based on anonymous posters opinions only.

Anyway, thank you all for your opinions except the poster who said I'm disgusting or something.

traineeacc

Ok I'm going to give my situation here, like you op my oh has a poor credit rating all now thankfully paid off (not mortgage but trading relates debts) despite now being up to date his history prohibited him getting a mortgage with me, we are married. I earn the greater salary plus have a clean history, we did purchase he property in my name but it did take a huge amount of convincing plus a larger deposit meaning we bores 80% of value, some banks are more open to it than other I did try them all!

lau1247

i just think it is crazy that you are both married to each other, you have mortgage under pressure yet she is not thinking of contributing to help you out (which she clearly can from what you seems to suggest) but instead actually think of getting another mortgage?

It is like you are in a deep hole already and you want to dig more??

eyescreamcone

lau1247 wrote: »

i just think it is crazy that you are both married to each other, you have mortgage under pressure yet she is not thinking of contributing to help you out (which she clearly can from what you seems to suggest) but instead actually think of getting another mortgage?

It is like you are in a deep hole already and you want to dig more??

Sheep as a lamb they say 

My bank would love if my wife paid her savings against my debt.

We'd still owe loads - except now we'd both be broke

Not good tactics in my opinion!!!

lau1247

eyescreamcone wrote: »

My case is different in that my wife has a salary greater than mine and has her own savings.

eyescreamcone wrote: »

Sheep as a lamb they say 

My bank would love if my wife paid her savings against my debt.

We'd still owe loads - except now we'd both be broke

Not good tactics in my opinion!!!

OK, you said she have a greater salary than you and her own savings. then you said if she help you pay, you'll both be broke and you'd still owe the bank money..

But (and I say this with utmost concern) you still want to try and get another mortgage?? That IMHO is an even worst tactic. Surely if you can't service the existing debt, why try to load it with another new debt?? That is the part I'm finding it hard to grasp from your situation.

eyescreamcone

For instance if the husband owed a large sum, say 1m.
And the wife had 100,000 in savings

It would be crazy to throw the 100k at the 1m and still owe 900k.

They'd be on the hook for 900k and have no savings.

Capiche?

djimi

I can understand not wanting to throw your savings away to make a small dent in a large debt.

What I cant understand is the desire to make a large debt worse, when you are struggling to deal with what you have.

ted1

djimi wrote: »

I can understand not wanting to throw your savings away to make a small dent in a large debt.

What I cant understand is the desire to make a large debt worse, when you are struggling to deal with what you have.

his mortgages may be for non performing investment properties.

the mortgage he wants ma be for a primary residence, he may well be paying rent someplace and be in a much better position to pay the mortgage. in that the repayment on the mortgage may be cheaper than renting.

groovyg

eyescreamcone wrote: »

For instance if the husband owed a large sum, say 1m.
And the wife had 100,000 in savings

It would be crazy to throw the 100k at the 1m and still owe 900k.

They'd be on the hook for 900k and have no savings.

Capiche?

Are your properties in Dublin? With all the prices increasing at mo could you not sell some of them? You should really talk to your accountant or your solicitor to see what your options are. There is also this guy David Hall https://www.mortgageholders.ie/aib-ebs-haven they seem to offer advice to those who are having trouble with their mortgage/s

scwazrh

Any assets that your wife aquires during your marriage will be fair game for any of your creditors. You can't expect your wife's wealth to safely grow while your wealth reduces to bankrupt stage.

Her assets acquired during her marriage time to you are also fair game to you should you divorce.

scwazrh

eyescreamcone wrote: »

But if my wife bought a house for cash (without a mortgage)...would my name have to go on the deeds???

No but it is part of your combined wealth and a bank will take it into account if you are considering default on other loans.

The Safest way for your wife to buy a property is to do it through a company separate to you

Bepolite

scwazrh wrote: »

No but it is part of your combined wealth and a bank will take it into account if you are considering default on other loans.

The Safest way for your wife to buy a property is to do it through a company separate to you

Ironically what the OP should have done in the first place if these were investments. I'd be concerned the banks will look for personal guarantees and discover the mess they're both in, assuming a charge is needed of course.

gumbo1

Quick question for those in the know. My wife bought a house before we were married, if it all goes south between us am I intitiled to a share of the house?
As far as I'm concerned it's her house, I have no intention of chasing the house if things don't work out for us. I have told her this but she just says that were married now so it's half mine. I don't agree so wondering if someone could clear this up for me!
cheers

endacl

eyescreamcone wrote: »

But if my wife bought a house for cash (without a mortgage)...would my name have to go on the deeds???

No. If she bought a Mars bar, would you own half of it?

murphaph

endacl wrote: »

No. If she bought a Mars bar, would you own half of it?

Just because his name isn't on the deeds doesn't mean he has no legal interest in the house. Up until the 80s it was commonplace for the husband's name only to appear on deeds. The law was changed to grant wives proper legal interest in the family home even in this case. A family home is treated differently under law than a mars bar or other wealth.

whomitconcerns

So to be clear.. You don't think it's fair that your wife is saddled with your personal debt. But you do think it's OK that the rest of us are stuck with your personal debt?

eyescreamcone

whomitconcerns wrote: »

So to be clear.. You don't think it's fair that your wife is saddled with your personal debt. But you do think it's OK that the rest of us are stuck with your personal debt?

First of all the banks are cnuts.
Second of all the banks are cnuts and they will eat you up and spit you out given half a chance...if you let them!!!

When I make decisions regarding what's best financially for my family I certainly don't spend too much time thinging about how it will affect whomitconcerns.

The_Conductor

Ok.......
If you're not willing to debate in a logical manner and insist on throwing around the 'c' word for effect- your thread is closed.
You actually might have gotten good advice, had you been adversarial, and more open to listening to both sides of the argument.
Its really actually not that hard to remain civil.