Hi everyone, after a little bit of advice.
I bought a house 2yrs ago (when hubby and I were engaged) which at that time was placed in my name with the mortgage in my name only. Reason for this was that the deposit was provided by my parents with the private understanding that they would effectively hold a stake in the property and any subsequent one I bought. Also hubby was fresh out of an apprenticeship. His residence at the property was agreed by the mortgage company and he signed the appropriate form thingy they ask for (which I think agrees he lives there but the mortgage company's interest takes precedence over his).
However, my incredibly generous folks made a wedding gift of the deposit money so the house is now completely mine, beholden to none (except the mortgage company). Despite the registration in my name the house has always been "ours" so now I would like to add his name to the title so we officially jointly own it but I assume I would also have to add him to the mortgage as well. I have no problem with this but I do have a couple of questions if anyone is able to offer advice?
1. Will this require a whole new mortgage application?
I'd rather not have to go through this as obviously there will be fees. Plus hubby is a contractor (which I understand can make employer references tricky) and is hoping to start uni in September so credit-wise he's possibly not a mortgage company's dream applicant!
2. If so, what if they don't like him?
I earn about £6k per annum more than I did when I got the mortgage and the remaining balance is less that 3x my salary alone, but would they say no despite this if they didn't like him? And if they did would they then refuse to continue with the mortgage I currently have? :eek:
Sorry if these are dumb questions, but I really don't want to risk talking to the mortgage company until I've got a better idea of what they're likely to say. The last thing I want is to find myself with serious problems!
I bought a house 2yrs ago (when hubby and I were engaged) which at that time was placed in my name with the mortgage in my name only. Reason for this was that the deposit was provided by my parents with the private understanding that they would effectively hold a stake in the property and any subsequent one I bought. Also hubby was fresh out of an apprenticeship. His residence at the property was agreed by the mortgage company and he signed the appropriate form thingy they ask for (which I think agrees he lives there but the mortgage company's interest takes precedence over his).
However, my incredibly generous folks made a wedding gift of the deposit money so the house is now completely mine, beholden to none (except the mortgage company). Despite the registration in my name the house has always been "ours" so now I would like to add his name to the title so we officially jointly own it but I assume I would also have to add him to the mortgage as well. I have no problem with this but I do have a couple of questions if anyone is able to offer advice?
1. Will this require a whole new mortgage application?
I'd rather not have to go through this as obviously there will be fees. Plus hubby is a contractor (which I understand can make employer references tricky) and is hoping to start uni in September so credit-wise he's possibly not a mortgage company's dream applicant!
2. If so, what if they don't like him?
I earn about £6k per annum more than I did when I got the mortgage and the remaining balance is less that 3x my salary alone, but would they say no despite this if they didn't like him? And if they did would they then refuse to continue with the mortgage I currently have? :eek:
Sorry if these are dumb questions, but I really don't want to risk talking to the mortgage company until I've got a better idea of what they're likely to say. The last thing I want is to find myself with serious problems!