Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Spouse on Mortgage - Is it mandatory

Options
  • 24-10-2012 8:59am
    #1
    mactheknife19
    Registered Users Posts: 168 ✭✭


    My sister is getting married next month, and going forward is planning on buying a house with her new husband. She already owns a home (in NE). They are looking at buying a house solely on his income.
    So would she be required to be named on the mortgage. Even if the answer was No, will her finances be considered in the evaluation of his ability to get a mortgage


Comments

  • Options
    #2
    Lyn256
    Registered Users Posts: 857 ✭✭✭Lyn256


    Not sure how exactly they've done it but friends of mine have done this recently.
    He owns a number of properties and some are in NE, the family home was in her name and they've managed sell it and to buy a new house in her name only and based on her earnings only-was complicated though.


  • Options
    #3
    NIMAN
    Registered Users Posts: 33,610 ✭✭✭✭NIMAN


    When we bought our house, the AIB insisted that both names had to be on the mortgage.

    Apparently it is to do with legality in the event of a breakup.


  • Options
    #4
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    Most lenders insist on spouse being on mortgage of family home, partly due to family home law and also to ensure underwriting of loan based on total household income and commitments, different if buying a property to let etc.


  • Options
    #5
    Lyn256
    Registered Users Posts: 857 ✭✭✭Lyn256


    This was with AIB too-house DEF in her name only and mortgage DEF based on her earnings.
    I know that when selling the family home, both spouses must sign even if it is only in one name (had to do this ourselves when I sold as had house way before hubbie)


  • Options
    #6
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    I wonder is the mortgage designated family home though or is one of their other properties, there is no problem doing a second home in one spouse's name. This is an easy way around it if a bank wants to cooperate and give the mortgage.


  • Advertisement
  • Options
    #7
    gambithh
    Registered Users Posts: 220 ✭✭gambithh


    can some tell me what NE means?


  • Options
    #8
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    Negative Equity, where the value of the house is below the amount of the outstanding mortgage.


  • Options
    #9
    Munstermissy
    Registered Users Posts: 251 ✭✭Munstermissy


    NE = negative equity


  • Options
    #10
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    In general an Irish mortgage lender will insist on the family home (and they will ask if it is to be the family home) being in the name of both parties- to cover themselves in the case of a relationship breakup. Whether or not one party's finances would be excluded from the mix- highly unlikely- but there are always exceptions to the rule, depending on personal circumstances.

    Ask around- conditions may be tight- but not all lenders have the same rules.


Advertisement