Losing tracker mortgage if getting married

boardie100

Hi,

Just wondering if anyone knows what would happen here?..... one person has a mortgage on a tracker rate...they get married and want to add their spouse to the mortgage.... will this affect the tracker rate?

Paulw

Why would you want to add someone else to the mortgage?

You would need to check with your bank, in relation to the tracker, since it probably depends on the bank and your mortgage terms and conditions.

killers1

boardie100 wrote: »

Hi,

Just wondering if anyone knows what would happen here?..... one person has a mortgage on a tracker rate...they get married and want to add their spouse to the mortgage.... will this affect the tracker rate?

Probably as a new loan offer in joint names would need to be issued and can only be done using banks current products. Cheaper to write a will!

boardie100

Paulw wrote: »

Why would you want to add someone else to the mortgage?

You would need to check with your bank, in relation to the tracker, since it probably depends on the bank and your mortgage terms and conditions.

well i guess if i paying towards the mortgage i would want to have some entitlement if the worst came to the worst .... only joking .....

PCPhoto

legally after (I think) 3 yrs of living together - with receipts to prove some financial input into the home you are entitled to half of it .....if you do go down the route of getting your name on the mortgage then you are effectively allowing the bank to offer a fresh deal - which will more than likely not be a tracker.

why not just have a contract written up saying that you agree to pay 50% of the mortgage - which will remain in the name of your husband/wife.

my girlfriend (sorry... Fiancee) has a tracker which kicks in at the start of 2013, not a hope in hell I'm going to mess with that, she purchased the house and at the moment is servicing the mortgage, WHEN we get married I will give my 50%, but until then, its my money !!...if we split up, its her house, I have no problem paying but if we split up - I'm just going to walk...hate fighting over money - its so petty!!

Paulw

My wife and I both had property before we got married. I have a nice tracker mortgage on my apt (where we live) and she has a fixed rate mortgage on the house she owns (and rents out).

When we married, neither of us looked to change our mortgages. She has never contributed towards my mortgage and I have never contributed towards hers.

But, we're married and a simple will clarifies what will happen to the properties upon the death of either party.

Leave the banks alone, and sort it out between yourselves.

killers1

And even without a will a spouse has legal rights to the assets of their husband/wife

Merch

killers1 wrote: »

And even without a will a spouse has legal rights to the assets of their husband/wife

The above is truethe case, I dont think would have to write in a spouses entitlement, there may be issues if you had children from a previous marriage where they would have an entitlement.
I dont think you are suggesting that this is the case, but to me, i dont think you would need to say anything, if you are married, then the entitlement and the responsibility would be shared.

boardie100

PCPhoto wrote: »

legally after (I think) 3 yrs of living together - with receipts to prove some financial input into the home you are entitled to half of it .....if you do go down the route of getting your name on the mortgage then you are effectively allowing the bank to offer a fresh deal - which will more than likely not be a tracker.

why not just have a contract written up saying that you agree to pay 50% of the mortgage - which will remain in the name of your husband/wife.

my girlfriend (sorry... Fiancee) has a tracker which kicks in at the start of 2013, not a hope in hell I'm going to mess with that, she purchased the house and at the moment is servicing the mortgage, WHEN we get married I will give my 50%, but until then, its my money !!...if we split up, its her house, I have no problem paying but if we split up - I'm just going to walk...hate fighting over money - its so petty!!

3 years eh stop putting ideas in my head .... i doubt courts would seriously split the home in two if two people werent married.... in my case i'm living 4 years there but the mortgage is 8 years old

Figerty

PCPhoto wrote: »

legally after (I think) 3 yrs of living together - with receipts to prove some financial input into the home you are entitled to half of it .....if you do go down the route of getting your name on the mortgage then you are effectively allowing the bank to offer a fresh deal - which will more than likely not be a tracker.

why not just have a contract written up saying that you agree to pay 50% of the mortgage - which will remain in the name of your husband/wife.

my girlfriend (sorry... Fiancee) has a tracker which kicks in at the start of 2013, not a hope in hell I'm going to mess with that, she purchased the house and at the moment is servicing the mortgage, WHEN we get married I will give my 50%, but until then, its my money !!...if we split up, its her house, I have no problem paying but if we split up - I'm just going to walk...hate fighting over money - its so petty!!

Not as simple as that! I think that once you are engaged then there are legal implications even then.. I was getting house/mortgage once and was asked if had ever been engaged as this had some legalities attached..

Could someone confirm this?

killers1

Figerty wrote: »

Not as simple as that! I think that once you are engaged then there are legal implications even then.. I was getting house/mortgage once and was asked if had ever been engaged as this had some legalities attached..

Could someone confirm this?

It's to do with the Family Home Protection Act. When you are engaged or previously engaged the property falls under the terms of the Family Home Protection Act. If you are co-habiting couple it does not. If the property is a family home, and in the sole name of one spouse, it cannot be mortgaged or sold without the consent of the (non-owning) spouse. Obviously, where it is in joint names, both spouses have to sign anyway. You would sign a Declaration when you buy a house to say that the property is either a). A family home and the necessary consent has been given OR b) it's not a family home, so consent is not needed.

Victor

You would do well to talk to a solicitor about all aspects of getting married, Family Home Protection Act, wills, joint bank accounts, other financial responsibilities, etc. Get separate advice that the other spouse isn't privy to.

If you wish, consider a joint bank account for paying household bills, that is joint expenses - exclude discretionary expense like credit cards and personal loans. Have both spouses pay into the joint account and let it feed mortgage, utilities, etc.

Then keep your own bank accounts for salaries, personal expenses, savings, etc.

boardie100 wrote: »

Just wondering if anyone knows what would happen here?..... one person has a mortgage on a tracker rate...they get married and want to add their spouse to the mortgage.... will this affect the tracker rate?

I would be disinclined to add the person to the mortgage - adding the second person makes them responsible to the bank, when that responsibility need not be there. Of course, the bank will try to kick you off the tracker onto a higher rate mortgage.

shangri la

Paulw wrote: »

My wife and I both had property before we got married. I have a nice tracker mortgage on my apt (where we live) and she has a fixed rate mortgage on the house she owns (and rents out).

When we married, neither of us looked to change our mortgages. She has never contributed towards my mortgage and I have never contributed towards hers.

But, we're married and a simple will clarifies what will happen to the properties upon the death of either party.

Leave the banks alone, and sort it out between yourselves.

clever woman.