Hi All,
We have recently applied for our 1st mortgage on a new build with Nationwide. They cannot offer us the amount we needed, because my wife's employment is on a zero hour contract, although the last two P60's show she regularly earns the same money each month/ year!
Our broker has suggested that the only way to borrow what we need is for me to apply with Abbey Santander on my own (so wife won't be on mortgage or deeds of the house). I don't particularly like this idea, we are married and have children together, so we clearly trust each other, but it just doesn't feel right! On the other hand, this appears to be the only way we can get the mortgage we need!?
My question is, how could I add my wife to the deeds later on, or would I still have to get the mortgage company to approve that? Do I have any other options, for example some kind of legal document that I agree to split any money left after paying the mortgage off 50/50 in the unlikely event that we split up?
I don't feel we need this and although my wife is upset that we can't get a joint mortgage, I want her to know that if something happened then legally she is entitled to something (not that I would leave her out to dry at all). Is she legally entitled to something anyway, as we are married and living in the house together and she is bringing up the children etc etc
Any advice appreciated
Cheers
Chris
We have recently applied for our 1st mortgage on a new build with Nationwide. They cannot offer us the amount we needed, because my wife's employment is on a zero hour contract, although the last two P60's show she regularly earns the same money each month/ year!
Our broker has suggested that the only way to borrow what we need is for me to apply with Abbey Santander on my own (so wife won't be on mortgage or deeds of the house). I don't particularly like this idea, we are married and have children together, so we clearly trust each other, but it just doesn't feel right! On the other hand, this appears to be the only way we can get the mortgage we need!?
My question is, how could I add my wife to the deeds later on, or would I still have to get the mortgage company to approve that? Do I have any other options, for example some kind of legal document that I agree to split any money left after paying the mortgage off 50/50 in the unlikely event that we split up?
I don't feel we need this and although my wife is upset that we can't get a joint mortgage, I want her to know that if something happened then legally she is entitled to something (not that I would leave her out to dry at all). Is she legally entitled to something anyway, as we are married and living in the house together and she is bringing up the children etc etc
Any advice appreciated
Cheers
Chris