Mortgage issues - Pending Marriage causing Confusion!

F

fam

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Hi All,

This is my situation - looking for your advice please? :)

Myself and Partner together for 11 years - due to get married in approx 4 months time. I'm full time permanent, partner moved jobs 1 year ago from FT permanent in private sector to a rolling contract position in public sector (but probably a more secure job!!).

Trying to buy a property at the minute - AIB wouldn't allow my partner to go onto the mortgage application as his job is a contract position. We have two savings accounts, one in each of our names. I have secured mortgage approval in principle as a single applicant, but we want to use all of our savings towards a property, keeping mortgage amount low. If my fiancee 'gifts' me the savings in his name I will have to pay gift tax on everything over €16750.
Q: Will I have to pay this even if we are married before the tax year is up?

Secondly, if we don't complete the purchase while I am a single applicant, AIB say that they won't give me mortgage approval as a married person since I will need to have €2000 in my account after bills each month to allow for the fact that my partner's job is perceived as not secure. (While as a single person this amount should be €1250). So if this goes ahead before we're married, the mortgage is in my name.
Q: Can my partner's name go on the title deeds if not on the mortgage? A person in the bank said that would be fine but I'm not convinced. Also, if we are married before drawing down on the mortgage will the bank suddenly withdraw their offer and leave us in a messy situation?

In reality it would be most straightforward if both of ur names were on the mortgage as a joint application but from the bank's perspective this is not possible :(
 
  • Have you tried other lenders aside from AIB? Not all lenders operate to the exact same criteria.
  • If you can buy the home you want based on your income alone, I suppose you could proceed on that basis and arrange the closing for the day of your wedding, so that the transfer of the "gift" from himself occurs after the wedding. :p
 
If you got it in your name only, it might be possible to overpay your mortgage with her savings after you get married, it wouldnt really be a gift then would it?

I dont think the bank will do one name on the mortgage and two on the deeds.
 
fam said:
Q: Can my partner's name go on the title deeds if not on the mortgage? A person in the bank said that would be fine but I'm not convinced. Also, if we are married before drawing down on the mortgage will the bank suddenly withdraw their offer and leave us in a messy situation?
Click to expand...

You cannot rely on anything that a bank staff member says to you.

And in relation to getting married and the bank not giving you the mortgage, yes that could be a problem, right until the bank has issued the mortgage cheque and it's drawn down you cannot be sure you have a mortgage. Your solicitor should be able to explain it to you. Also he might have a solution for you such as you getting the mortgage, get married and before the solicitor sends off the transfer for registration you ask the bank can you add your husband's name to the deeds and mortgage.
 
Thanks everyone for the sound advice. I didn't think it would be possible to have both our names on the deeds - I suspected that was probably bad advice from the bank staff alright. I imagine we could change the names on title deeds once we're married if all goes well.

Bronte I think your suggestion could work. I guess I'm just afraid at any stage to rock the boat at all - seems like these days the banks are looking for any reason not to approve a mortgage. I'm also afraid of how long this process could end up taking. I think I might try to get approval from aonther lender with a joint application and see if that gives us another option..
 
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