Source: Yahoo! News —
With Valentine’s Day on the horizon, and the inevitable influx of proposals and engagements that come along with it, it’s worth knowing whether tying the knot has an impact when it comes to buying a new home. We asked some experts in-the-know for their take on marriage when it comes to mortgages.
The disadvantages of being married
The main difference between being married, rather than being in a non-married couple is that the majority of lenders will insist of both parties being on the application if you are married. In most cases, this is irrelevant but there are some incidences when you may get beneficial rates if just one party is named on the mortgage application and deeds.
“Often many couples (whether married or not) will seek to complete an application in a sole name. The reasons are broad, but some examples include adverse credit or high levels of debt for one applicant (and therefore more attractive rates would be achieved in a sole name), age – where one applicant’s age results in the mortgage being unaffordable due to maximum age at the end of term, and income – for example, if one applicant has just started in a self-employed role, we would be unable to use their income under one year of trading. Having them on the application with no income but with their existing commitments is likely to be detrimental,” says Tom Woodall of Prosperity Wealth.
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