Name on deeds but not on mortgage - possible or not?

G

go_fish

Guest
My husband & I are planning to move house in the next few months. We have been married 6 years, living at our current property for the past 8 years. Our current home is solely in my husband's name - both mortgage and deeds. I would like to know whether it is possible for both of our names to go on the deeds of our next home, but my husband's name only on the mortgage? I believe it is better for us financially to have only my husband's name on the mortgage - he earns significantly more than I do and my salary is not required to pay the mortgage / bills etc.

Many thanks in advance
 
What possible reason could you have for wanting only your husbands name on the mortgage? You say it would be better financially...how? The only thing I can think of is if you have a bad credit history then maybe it would affect the mortgage underwriting. Sorry I don't know the direct answer to your question.
 
Legal owner/owners of a property must join in the mortgage as otherwise the lender does not have effective security.
 
If you want your spouse's name only on the mortgage, he must be the sole owner of the property ie the only name on the title deeds. It really shouldn't make too much of a difference as you're protected under the Family Law Protection Act and will be advised to receive independent legal advice when you take out the new mortgage.

Just for your own information - you can still go on the mortgage itself (and the title deeds) if you're not earning as your spouse earnings are sufficient for the mortgage ie unless your personal circumstances are preventing you from doing so.
 
The Family Law Act does not give you ownership rights. In this case it would not protect you if the spouse had a large mortgage and defaulted or even if both of you were on deeds and mortgage and defaulted. Also putting both your names on the deeds does not automatically mean that it gives you ownership rights either - I say this as you seem to be making the often assumed inference that name on deeds equals ownership.
 
I would have thought if a person is named as joint owner of a property then they either own it jointly or as tenants in common.
 
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