Mortgage Application - Married, can I apply just in my own name

dialemma

Hi,

Quick question, I'm married and we are now looking at buying a second home (trading up) we will be keeping our current home (jointly owned) and renting it out. My husband in self-employed. With my salary alone and my savings record I would qualify for a large enough mortgage to allow us buy the property we want. Also the deposit is my inheritance. Can I apply for the mortgage in my own right or does my husbands name also need to go on the mortgage? His savings record is disimal and he has a balance owing on his credit card which is the reason I ask.

Kinet1c

If it's the family home then it will most likely have to be in both names.

Eldarion

You can apply all you like. You just might not like the response the bank has for you.

seamus

You can apply in your own name provided that the mortgage and the deeds will be in your name alone.

For the bank's purposes though you won't be able to pretend that your husband doesn't exist. As he is jointly named on other liabilities and you will be living together, the bank will need to be satisfied that he's independently funding himself and is in stable employment. If he loses his job, the business of funding all of the other debts falls entirely to you, so that's why his situation matters.
They will likely assess your means based on the total of your joint debts and not just "your" half of them.

Also note that you'll run into difficulties if you're planning on using any savings in joint names, the bank may simply not allow you to apply on your own.

spaceHopper

Clear the CC and make a joint application, it will be the family home if you defaulted on the mortgage and the bank wanted the take the house it would be almost impossible as he would have rights to it. For that reason alone the bank would not lend unless its a joint application.

dialemma

Thanks Spacehopper and Seamus, all makes sense.