5 things to do now you’re married with your partner’s surname
So the big day has been and gone and you’re now settling into your new life as a married couple. Now it might not be at the top of your priority list, but changing your surname could affect your credit rating and there is quite a bit to think about. Luckily, we have come up with our top 5 things to do to avoid this.
1. Who should you inform?
Basically everyone. Some are more important than others, but we have compiled a handy checklist below for you to work from. The easiest thing to do is to compose a standard letter advising of your new name. We have put one together for you, which you can download here and send along with a photocopy of your marriage certificate. It’s worth noting that some companies like your bank, may request the original – I hope you’ve got a spare!
- Bank accounts
- Clubs, societies and associations
- Credit card, finance and loan companies
- Department of Work and Pensions (if you are entitled to any benefits)
- Driving license
- HM Land Registry (if you own land or property)
- HMRC for tax and NI records (obtain your reference and tax office address from your employer)
- Insurance (car, home etc.)
- Internet provider
- Local authority (council tax and electoral register)
- Magazine subscriptions
- Mail-order companies
- Mobile phone provider
- Pension providers
- Premium Bonds office
- Telephone provider
- TV license office
- Utility services (gas, electricity, water and sewage providers)
2. Buying your dream home
Buying your first property is one of the most exciting things you will do together, but you need to decide how you’ll own it? As ‘joint tenants’ you will both own the property and if anything were to happen to one of you, it will automatically go to the other. The other option is ‘tenants-in-common’, where you both have a fixed share in the property, but if one of you died, the other may not automatically receive it.
3. Joint insurance policies – could save you ££s!
Arranging insurance is something we all put off doing until we have to do. But, one of the many benefits of being married is that it is you can normally save money by adding your partner to your existing insurance policies! It’s not compulsory, but who doesn’t want extra cash in their back pocket?
4. Beneficiaries – check yours are right
It is likely that you will want to leave any assets you own to your partner in the event that something were to happen to you. But, if it’s your first marriage, it’s likely everything has been set up to go to your parents. Contact your banking, insurance and pension providers to make sure they have been set up accordingly!
5. Wills – gloomy, but important!
Writing a will is not something anyone ever wants to do, but once you’ve done it, that’s it until you have kids. It doesn’t have to be complicated, but it is recommended that you see an Attorney, who will arrange it for you and keep a copy on file.
5 key reasons why you should use a mortgage advisor
Comparing mortgages online is a good starting place for a general understanding of the market. But, choosing a mortgage is far more complicated than just getting a low rate or the best incentives. A professional mortgage advisor will provide a level of service that cannot be attained from a high street lender or comparison site. They take the time to access your personal needs and circumstances to ensure that you get the product that’s right for you. They can compare hundreds of mortgage quotes and access a number of products that are only available to mortgage advisors.
Tailored mortgage advice
A mortgage is the biggest commitment most people will ever make. It is often a daunting process for a lot of people and can be risky if you do not seek professional, financial advice first. Lenders can tell you about their own products, but are often unable to advise you about other options available on the market, which may be more suited to your needs.
Mortgage advisors usually charge a small fee for their services. However, they have a duty of care to you. They have to recommend a suitable mortgage and be able to justify why a particular mortgage they have chosen is right for you. If you are not happy with their advice, you can complain and and if the complaint is upheld receive compensation.
A helping hand
Mortgage advisors help relieve the stress and hassle of the mortgage application procedure by arranging it for you. They are used to dealing with lenders and can process your application quickly, with many larger brokers also having direct access to the underwriters themselves.
The benefit of this is that they can discuss any potential complexities with a particular case from the very beginning. Preparing all the documentation and liaising with the lender, estate agent and solicitor to ensure deadlines are met, is a time consuming process and this is all part of the broker’s service to you.
Once your mortgage application has completed, you will receive a personalised aftercare service from your mortgage advisor. This is optional, but the benefit of this service is that they will let you know when your product is due for renewal, and provide you with some helpful advice if you find that your circumstances change.