Me and spouse starting mortgage approval route. Spouse’s salary is largely being sent as remittance home (abroad). Financially I reckon I (on my own) can get mortgage approval (happily I have a hefty deposit). Can that then be transferred to joint tenancy (I believe that’s the correct legal term) for both of us without bank thinking it dodgy or incurring tax penalty? Reason being it it works it’s likely to be quicker this way.
Any insights would be most welcome. Cheers.
If your married you cant get a mortgage in your own name.
I understand that the bank assesses both the husband and the wife jointly for a mortgage even if only one spouse is going to buy.
If you want to transfer to joint names later then you will need the bank’s cooperation so there is no question of you being able to do something if they think it is dodgy. They will require your spouse to join in the mortgage and be equally liable for the entire mortgage debt. There will also be legal costs involved which can be avoided if you put it in joint names at the beginning so you need to figure out if it is worth it given that the bank will assess you jointly anyway. People generally only buy in one spouse’s name to avail of first time buyer reliefs or grants or to protect the asset from creditors (e.g. if one spouse has large personal liabilities or might be sued in his or her professional capacity).
Thanks all for the insights.