Adding a spouse to a mortgage

Post by **sp3ctre** » Tue Jan 23, 2018 9:08 pm

Might seem like a daft question but you if you get married and remortgage are you hit with stamp duty. My gut feeling is no, but looking it up online it seems there is a lot of conflicting info. Even Martin Lewis doesn’t seem to know!

Problem is we now have a 1 year old and that is a fairly large outgoing to declare, meaning we are in a far worse position (technically) than last time we remortgaged.

Any advice much appreciated.

rally-chris · Post by **rally-chris** » Tue Jan 23, 2018 9:31 pm

No, you should not be liable for any stamp duty (or whatever they call it now) unless you sell the property to a third party. It should be straightforward to add your spouse to the deeds of the property at the time of the remortgage, as the deeds will have to be updated with the new lender's charge on the property anyway.

I think the only time you could have an issue is if your spouse paid you an amount of cash to 'buy' a proportion of the property.

Chris

rally-chris · Post by **rally-chris** » Tue Jan 23, 2018 9:32 pm

This page may be useful:

https://www.gov.uk/registering-land-or- ... r-property

Ducklakeview · Post by **Ducklakeview** » Tue Jan 23, 2018 9:43 pm

No, you won't have to pay stamp duty.

However, the new "affordability checks" they do are a nightmare. I know of people on a higher rate, being refused a remortgage at a lower rate, as they don't meet the "affordability criteria!"

These are people with clean credit records, never missed a payment and are up to date with all their commitments, BUT even though the new mortgage would actually lower their outcoings and commitments, because of the new way of working it out, they are effectively denied the new cheaper mortgage.

One way around it, IRC, and obviously only if you are happy with your current rate, is to just have her added as a joint lender to the existing mortgage. That way there should not be an affordability check, and the bank/building society would also have "joint and several" liability for the loan as well, of course as the property, so it's actually better for them.

Mike

Post by **sp3ctre** » Tue Jan 23, 2018 10:05 pm

Thanks for the advice guys, a relief we won’t get hit for stamp duty... Yeah, the affordability stuff can be a nightmare, especially when you are only entering a single salary!

un1eash · Post by **un1eash** » Tue Jan 23, 2018 10:41 pm

Reduce your out goings for a couple months, clear any credit cards and show your saving when it comes to affordability on a remortgage.
I'm about to go through the process again and they literally ask you what every direct debit and payment coming out your account is for.

Smartbear · Post by **Smartbear** » Tue Jan 23, 2018 11:08 pm

un1eash wrote: ↑Tue Jan 23, 2018 10:41 pmReduce your out goings for a couple months, clear any credit cards and show your saving when it comes to affordability on a remortgage.
I'm about to go through the process again and they literally ask you what every direct debit and payment coming out your account is for.

Coke & hookers?

Rob

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