Welcome to the forum Mark.

Do you already live together, share bills etc?

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Originally posted by TDA (Debt Adviser)
[br]Welcome to the forum Mark.

Do you already live together, share bills etc?

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Hi,thanks, no we don't live together, I have a td and pay all bills and monthly td payment, I have a large payment at the end to pay off the house.

Mark

Thanks Mark.

It sounds likely that there will be changes to your financial circumstances, which makes it likely that a review of your payment will be required. This is because the trust deed payment is based upon affordability.

To give you an example, if your future spouse has an income it's reasonable to expect that they would contribute towards some of the joint household bills. This might put you in a position to afford to pay more into your trust deed.

Equally, there might also be new bills and expenses that should be taken into account.

It will be best to contact your trustee to ask that a review takes place once you begin to live together.

Thank you.

I'm wondering if it will affect the final payment due to the equity in the house being shared?

I don't think it will be shared Mark.

Presumably you're the sole owner of the property now?

If that's the case, your future spouse will not become a joint owner just because you are now married.

That would require a legal change of ownership, which I cannot see that your trustee would allow (unless your future spouse were paying a market rate to buy this share from you, some/all of which would then need to go from you into your trust deed).

Your wife might have financial rights if you were to divorce, but that's different to becoming a legal owner of the property because you got married.