putting name on mortgage

[Reeflik]

Hello there,

I bought a house as a single guy 6 yrs ago. I got married 2 years ago and my wife and I are happily settled with no immediate plans to move on.

The mortgage is solely in my name and we have never missed a payment. For no particular reason, I contacted my bank earlier this week to find out the procedure for putting my wife's name on to the mortgage. Not looking to re-finance just want a "joint" mortgage.

The bank official was a little vague on the phone but essentially informed me that I need to get a solicitor (approx €1200) to progress. I was a bit surprised at this. We both have clear credit ratings with no other outstanding loans. Am I missing something here? Is this not a fairly routine request that the bank should be able to process internally?

Sorry if this a dumb question. Thanks in advance.
R

 

[ballaboy]

Bank man probably meant putting wife on title deeds,this would be first step,not too complicated no stamp duty etc,a joint mortgage I believe is compulsary as now it is a family home.Congrats you now own half a house,good luck

 

[PM1234]

a joint mortgage I believe is compulsary as now it is a family home.Congrats you now own half a house,good luck

When a married couple reside in a property which is their main residence, it is a family home. Its not compulsory to have your spouse on the mortgage. If you are looking for additional borrowings your spouse will be asked to sign a Consent of Spouse document (as she has a beneficial interest in the property).

There isn't necessarily any reason to put your spouse on the mortgage unless you need her to be on it for multiples e.g. getting a top up etc which is outside your limits.

If the title deeds are in joint names the mortgage is usually in joint names also. The easiest way of doing this is by clearing the existing mortgage and taking a new mortgage in joint names.

If you would like to put your spouse on the title deeds, your solicitor can transfer the title into joint names with the lenders authorisation and the spouse can be added to the existing mortgage. It can be done but there isn't necessarily any reason to do this.

 

[RMCF]

Also looked into this a few months back after I got married, and was told basically the same thing - that solicitors would have to be involved and we would have to pay the money that this entailed.

My bank did advise me that there was no reason to have my wife's name on the mortgage - it served no purpose. Basically she is now seen legally as half owner of the property anyway through our marriage and she doesn't need to have her name on the deeds.

 

[dewdrop]

re reference to Consent of Spouse document there are two issues here..firstly a non owning spouse has to consent to the mortgage because of the family home protection act. in addition some lenders require the non owning spouse to sign what they call a deed of confirmation in which she mortgages any interest she may have/acquire in the property. her liability only extends to the value of any interrest.