Including your spouse in a property purchase is certainly possible and often beneficial, but it's important to understand the implications.
Having your spouse on a property purchase allows lenders to consider both incomes, potentially increasing your borrowing power. However, your spouse's credit score and debt will also be factored into the loan application, potentially impacting approval or loan terms.
If seeking first-time homebuyer benefits, both spouses must meet all eligibility requirements, such as not having owned a home within a specified timeframe.
Therefore, a thorough understanding of both spouses' financial situations is crucial before jointly applying for a mortgage.
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