Adding My Wife to Mortgage Deeds

J

Jack Mackey

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Hi
Hopefully this is the right forum for this question. I have a substantial mortgage (500k) which I took out in 2006 at the height of the boom. Back then I was single and since then I got married but for lots of reasons never got around getting my wife's name on the mortgage. I made an enquiry about adding her to the mortgage recently and was told that both of us would have to effectively re-apply for the mortgage and it would go before underwriters etc to see if it would be accepted. What is troubling me, however, is that my financial circumstances have changed considerably (drastically) since 20016 and while I was in the arrears process with the bank for 2 years, I have reverted back to interest and capital. But my financial circumstances are still extremely tight and unpredictable although I still manage to get the monthly payments met. I am concerned that if we "reapply" and submit all the necessary bank statements, business accounts etc (which they want), they will start to question everything. The house is just about out of negative equity too and there is still 15 years to run on the mortgage. While my wife can show a small but steady monthly income, I can't as it's too unpredictable at the moment. Can the bank refuse to put my wife's name on the mortgage? Can it renegotiate the mortgage given my changed financial circumstances? Any suggestions would be greatly appreciated
 
Why do you want your wife's name on the mortgage?

I expect you want to transfer the house into your joint names as a sign of commitment which triggers the mortgage appraisal, but, frankly, she does not need to be on the title and the mortgage to have entitlements under Matrimonial law and, if you are concerned about the bank, then just don't go there. She does not need to be on title and on the mortgage for any reason other than to feel she has been recognised
mf
 
Jack Mackey said:
Hi
Hopefully this is the right forum for this question. I have a substantial mortgage (500k) which I took out in 2006 at the height of the boom. Back then I was single and since then I got married but for lots of reasons never got around getting my wife's name on the mortgage. I made an enquiry about adding her to the mortgage recently and was told that both of us would have to effectively re-apply for the mortgage and it would go before underwriters etc to see if it would be accepted. What is troubling me, however, is that my financial circumstances have changed considerably (drastically) since 20016 and while I was in the arrears process with the bank for 2 years, I have reverted back to interest and capital. But my financial circumstances are still extremely tight and unpredictable although I still manage to get the monthly payments met. I am concerned that if we "reapply" and submit all the necessary bank statements, business accounts etc (which they want), they will start to question everything. The house is just about out of negative equity too and there is still 15 years to run on the mortgage. While my wife can show a small but steady monthly income, I can't as it's too unpredictable at the moment. Can the bank refuse to put my wife's name on the mortgage? Can it renegotiate the mortgage given my changed financial circumstances? Any suggestions would be greatly appreciated
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I would suggest you should talk to your solicitor as indeed your wife should alsodo. I assume your wife fully appreciates that if this transaction proceeds she will be fully liable for the mortgage loan with yourself. I am not a solicitor.
 
trojan said:
I would suggest you should talk to your solicitor as indeed your wife should alsodo. I assume your wife fully appreciates that if this transaction proceeds she will be fully liable for the mortgage loan with yourself. I am not a solicitor.
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I have just. seen post from mf1 who i gather is a solicitor and as usual his advice is spot on
 
Don't add her to the mortgage, what is the benefit?

The one thing I keep telling my daughter is to not under any circumstances add her name to her husband's mortgage. She has a spotless credit rating and owes nothing to anyone, why ruin it and lumber herself with a debt, who knows what the future will bring! Same applies to your wife.
 
What I find odd about this is why the bank made it difficult?

They should have grabbed the opportunity to get another earner on the hook for the mortgage.

Brendan
 
Was it a tracker? Did the bank see an opportunity to do a whole new mortgage on a new rate.

It makes no sense that the loan had to be underwritten again, it should have just been a case of producing her id and adding her on to the account, the legal stuff with the deeds would be separate. Maybe he spoke to someone in the bank who hadn't a clue!
 
to be honest would not bother, as you are married you will have joint rights to the property anyway. can add the wife to the mortgage when you look to remortgage when you are in a better situation
 
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