Ask SAHM is a place where you can ask our staff & community a question safely & anonymously. Please read our disclaimer.

Getting a home loan with a joint bank account

My husband and I have a joint bank account. I am a SAHM, he works full time. All our savings are in the joint account. If we were to apply for a home loan, but only in my husband's name, can the deposit still be used from the joint account, or does the deposit need to come from an account in my husbands name only, as he will be the one who's name the loan will be in?

Report

Got an Answer?


Answers (3)

My husband went for a homeloan in his name. The deposit came from our joint bank account, however the bank made me go on the loan as well because we were married.

 Thanks for the feedback. I wasn't sure if I could go on the loan or not because I don't bring in an income.
helpful (0) 
 You do go on the loan, but (rightly so) they wont lend as much as to a family with 2 stable incomes.
helpful (1) 
 Makes total sense. Thanks
helpful (0) 

Why on earth would anyone let a loan go in only one partners name, or the house in one partners name ?

 Never said the house was only going in one name, only the LOAN. I can still go on the deeds.
helpful (0) 
 Tax purposes?
helpful (0) 
 No, I just don't bring in an income, so am assuming that I wouldn't be able to apply for a home loan
helpful (0) 

My husband had to say we were seperated in order to get our home loan on his own.

 Ohhhh that's not good. I don't like that scenario.
helpful (0) 
 And if you get caught, which you will, you have committed fraud. The law wont look too kindly on you. Does he say you are separated on his tax return?

helpful (1) 
 Why? My husband was fine just having it in his name and the deposit was in a different account in my name cause it was mortgage offset account for my house.

What youve done is fraud.

helpful (0) 
 Meh people seperate all the time, on again off again 🙄
helpful (0) 
 Do you have a shite credit rating?
helpful (0) 
 This is my reply, my credit rating is fine. We just couldn't borrow with me as a sahm.
It took 2 days to be approved so it's pretty unlikely we would be done for fraud and I doubt the bank cares, we're smashing out mortgage.
He doesn't say he is seperated on his tax returns.

helpful (0) 
 You don't need to say you're separated, surely he could've just applied on his own normally
helpful (1) 
 My husband and I got a loan with me being a sahm, so it is possible.
helpful (1)