Should we set up a joint bank account?

L

Learner2015

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All the wife and I are buying a house and I'm wondering should we set up a joint bank account for the mortgage to come out of? What would the benefit be?

We are both with AIB, could we just use one of our own accounts and make the spouse whose account is not used a joint signatory, would that be the same thing really?
 
I doubt it matters to the bank what account the payments are coming from, they could be coming from my account and all they will care about is that it is paid :) Unlikely to be any issue and not worth opening another joint account to pay it unless you want to structure your finances that way with both of you contributing to that account or something.
 
If you each have your own separate account in AIB then they won't allow you just to add another name to the account. You will have to open a new joint account.
Agree with Montbretia that the lender won't care where the payments come from. If you open another account you will be incurring more bank charges. We have a joint current account in AIB and pay no charges (we keep the minimum amount required in it every month). Every single bill comes from that account and all daily living expenses.
 
Looking down the line, if there every was a dispute or separation and the mortgage was being paid out of one person's account only, I'd have a concern around what it means for the other half. Could the person paying the mortgage claim the other person never contributed.?
 
You should check the issue of bank charges with the bank, some banks do not have bank charges on current accounts set up to service a mortgage.

thedaddyman, if it is the family home it is offered certain protections regardless of who paid for it or where the money came from.
 
Won't the bank insist on a joint a/c?
Another potential problem i saw happen recently was where a husband died suddenly and all direct debits, etc, were coming from the his account, but everything was stopped on his death until probate was taken out. It created an awful lot of worry and problems. Might be important to remember this because it can happen to anyone, at any time.
 
So confirmed with the bank that they don't care who's account it comes out of. However I have the same concern that noproblem raised if the worst happened to the person whose account was being used.

We are days away from drawdown now so in order not to complicate things I'll wait until we have drawn down then set up a joint account and switch the DD over.

Thanks all.
 
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