Mortgage Loan in One partners name

Backstreet Moyes

Hi,

Myself and my partner are looking to get a house together.

I have applied for the mortgage and got approved just in my name, as she has not got consistent savings and we were worried we can get refused if one of us is not deemed suitable.

I am just wondering does she have any rights if anything happens to me, she would be going down on the deeds for the house but I am not sure if I pass away would she be able to take over the mortgage and keep the house.

Worried if anything happens to me that she will lose the house.

Smee_Again

Marry her.

That’s what I’m doing in a similar situation to you.

wassie

OP - You will have to take out mortgage insurance as part of your loan. It is a form of life insurance which pays off the outstanding balance on your mortgage if you die before the mortgage is fully repaid.

It is generally compulsory for all mortgage holders in Ireland.

See here for more info. https://www.bonkers.ie/compare-mortgage-protection-insurance

xeresod

If she will be on the deeds, most banks will need her to be on the mortgage too, they don't want somebody to have a claim over the property if you default.

If you go ahead on your own, you'll have mortgage life insurance in place before you can drawdown, so that will pay the balance if you do die. And you'll need to have a will for her to get your half and she'll be due to pay CAT on the value over €16,250 so as the last poster said, get married! (Then without a will the house will go to her and your kids).

jlm29

If you apply for a mortgage jointly, your incomes will be assessed jointly, regardless of marital status. If it’s just inconsistent savings, it probably won’t be an issue, unless there’s other issues with credit rating etc.
If you own the house and she’s not named on the deeds, if anything happened to you, there would be tax implications if you willed the house

pooch90

I've got AIP in just my name. My husband won't have rights to the house when it's bought and his name won't be on the deeds, because he's not part of the buying process. You can't just stick their name on the deeds like that, so I've been told.
if it's only inconsistent savings on her part, it doesn't matter in a joint application.

pooch90

pooch90 wrote: »

I've got AIP in just my name. My husband won't have rights to the house when it's bought and his name won't be on the deeds, because he's not part of the buying process. You can't just stick their name on the deeds like that, so I've been told.
if it's only inconsistent savings on her part, it doesn't matter in a joint application.

Your husband may not be joint owner but he will still have rights to the house even if his name is not on the deeds or mortgage, simply due to the fact that you and he are married.

Thats why in these circumstances posters are advising the OP to get married.

The Mighty Quinn

Smee_Again wrote: »

Marry her.

That’s what I’m doing in a similar situation to you.

Same here.

Mortgage taken out in my name solely as she had minor credit history issues.

We've since married.

It also had the benefit in keeping us grounded somewhat as I was approved for less than we would have been together. Depends on how you view it, good or bad. It limited our options a bit we found a decent house with manageable repayments, some 700 odd a month.

In the house 4 years now, and they're selling for 40K more than we bought for, and we bought at our max

Smee_Again

The Mighty Quinn wrote: »

Same here.

Mortgage taken out in my name solely as she had minor credit history issues.

We've since married.

It also had the benefit in keeping us grounded somewhat as I was approved for less than we would have been together. Depends on how you view it, good or bad. It limited our options a bit we found a decent house with manageable repayments, some 700 odd a month.

In the house 4 years now, and they're selling for 40K more than we bought for, and we bought at our max

Great point on it keeping you grounded. My fiancée had been retraining as we were buying and is now working so between that new salary and my own increases we could now get double the mortgage but we have our house and it’s very affordable. With a joint application etc the temptation would have been there to go for the bigger more expensive house.

Marcusm

pooch90 wrote: »

I've got AIP in just my name. My husband won't have rights to the house when it's bought and his name won't be on the deeds, because he's not part of the buying process. You can't just stick their name on the deeds like that, so I've been told.
if it's only inconsistent savings on her part, it doesn't matter in a joint application.

Are you actually married? If yes then something has gone amiss in your AIP. Family Home Protection Act is an impediment to enforcement of any mortgage/. The standard requirement where the property is to be the family home of a married couple is that both must be borrowers under the loan so they can jointly grant the mortgage. This is all standard procedure.

wench

pooch90 wrote: »

I've got AIP in just my name. My husband won't have rights to the house when it's bought and his name won't be on the deeds, because he's not part of the buying process. You can't just stick their name on the deeds like that, so I've been told.
if it's only inconsistent savings on her part, it doesn't matter in a joint application.

Is this for an investment property or will it be your family home?