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Mortgages - single/joint?

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  • 19-12-2013 3:38pm
    #1
    shark86
    Registered Users Posts: 13 ✭


    Hi,

    Any idea if you are obligated to apply for a mortgage jointly if married?
    Or is there any way to apply separately?

    Also does anyone have any experience if banks will lend to contractors or what the feeling is on that?

    Thanks


Comments

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    #2
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    In general most banks have a policy that a mortgage for the family home must be in joint names.

    Don't know the answer on the contractor bit but presume it is similar to self employment, will probably be looking for a few years accounts.


  • Options
    #3
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Once you're married the mortgage must be in joint names. Hard to answer re contractors without more information.....are you self employed or employed on a contract basis.
    shark86 wrote: »
    Hi,

    Any idea if you are obligated to apply for a mortgage jointly if married?
    Or is there any way to apply separately?

    Also does anyone have any experience if banks will lend to contractors or what the feeling is on that?

    Thanks


  • Options
    #4
    Dabouche
    Registered Users Posts: 33 ✭Dabouche


    I have never heard of a banking policy where a family home must be in joint names. If you can demonstrate repayment capacity for a mortgage on your own, then a bank doesn't really care who is resident in the property providing the loan is being repaid.

    Not sure about the contracting side of things.


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    #5
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    Not entirely true, the Family Home Protection Act affects the way the bank sees loans for family homes, the bank don't give a fiddlers who is living there but they do care about the rights of the spouse, or more to the point the way those rights could affect them. To keep life simple for themselves most of them do insist on the family home mortgage being in joint names. Ask a few banks and this is easily confirmed.


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    #6
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    The OP asked if there would be a problem in applying for a mortgage in joint or single names and the answer is once you are married the mortgage must be in joint names which does not necessary mean that the property has to be in joint names. I have recently completed a mortgage for a married couple with the mortgage in joint names and the property in his name only.

    Dabouche wrote: »
    I have never heard of a banking policy where a family home must be in joint names. If you can demonstrate repayment capacity for a mortgage on your own, then a bank doesn't really care who is resident in the property providing the loan is being repaid.

    Not sure about the contracting side of things.


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