If you have just got married, then you’ll know what a wonderful time this can be. You may be excited about the future, but at the same time, you want to know how things are going to work now that you’ve officially tied the knot. Luckily, this guide will tell you what you need to know about property ownership.
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Marriage Doesn’t Automatically Link Your Finances
If you have just got married, you should know that this doesn’t automatically link your credit ratings. Your credit file and finances will only become joined if you share a financial product, including a joint loan, a mortgage, or a previous mortgage in both your names, or a joint bank account. If you are financially linked already, then the lender will check both of your credit histories, even if just one of you is going ahead with the application. It’s a good idea for you to check with various credit unions, including Equifax, TransUnion, and Experian, so you can see where you both stand.
If you want to sell a home that you owned before your marriage, to help bolster your chances of getting a joint mortgage by offering a good deposit, then you don’t even need to go through an estate agent to do this. Many sites allow you to sell any house quickly, without worrying about being stuck in a buying chain. Enter your postcode, and you’ll be given a free cash offer. You can also sell in your own timeframe, which is very beneficial if you’d like things to move fairly quickly after your big day.
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As a general rule, if you both have good credit, then this will improve your chances of being able to borrow more. In some cases, applying with a single name is better if the other person has a poor credit rating. This only works if you haven’t been financially linked yet, and if the person applying can afford the mortgage on their one.
Applying with Two Incomes
If you have tied the knot, then applying for a house with two incomes could help you save up for a deposit faster. You can also get past any affordability checks much more easily, and you can borrow more if you have good credit ratings. A lender will also take into account regular expenses, including childcare, so if your spouse has a child already, you’ll want to consider this. Remember that being married alone won’t benefit you in itself, but what does matter is whether or not you choose to apply for your mortgage as a couple, and how strong your finances are at the time of your application.
A good idea would be for you to try and go through a broker if you have just got married, as you may have had a lot of recent expenses that you might not have normally paid for. If your spouse has children already, then this can also complicate things if you apply for a mortgage together, so getting expert advice is the best way for you to move forward with your application and this new chapter in your life together.
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