Married - Sole Mortgage Application

Sibelius1 · 2 September 2010 at 1:29PM

Hello,

Looking for some advice on whether this sccenario is possible.

I am selling my flat at the moment, and have recently obtained my credit report and discovered that I have a recent default of £970 registered in Feb 10.

My wife has a good credit score, and as a result of this we would like to apply for a mortgage in her name alone, until such time as I am deemed credit worthy. Her salary is sufficient to pass the affordability checks for the level of borrowing we would require, but I have read that you are not able to do a sole application if you are married. Can someone kindly clear up what lenders policy is on this scenario?

I earn around 20k pa, she is on 35k, can she use my contribution to the bills etc as extra income on her application, or would I be seen as a dependent, and my income disregarded as I am not part of the application?

Any info on this would be greatly appreciated

luckyfool · 2 September 2010 at 1:35PM

Depends. Are you first time buyers, remortgaging, or home movers?

Your income would be ignored, some lenders will treat you as a dependent, others won't.

Senior_Paper_Monitor · 2 September 2010 at 1:36PM

Some, but only some, will allow her to apply in her own right - but none of these will allow your income/household contribution to count towards any affordability budgets.

I suggest you use a whole of martket broker to identify any potential lenders and pre-present the case before AIP/application.

Sibelius1 · 2 September 2010 at 1:47PM

luckyfool wrote: »

Depends. Are you first time buyers, remortgaging, or home movers?

Your income would be ignored, some lenders will treat you as a dependent, others won't.

Thanks for the reply. We are home movers, and would be using the proceeds of the sale as a deposit. I have read that there are some issues if that is the case, so looking for clarification on that as well.

Senior_Paper_Monitor · 2 September 2010 at 2:55PM

No issues with that - its what 90% (a personal estimate) of 'home movers' do.

luckyfool · 2 September 2010 at 2:58PM

Source of deposit being sale of property is not an issue. One or two lenders will have an issue if the deposit is coming from resources of someone who will live at the property and yet not be on the mortgage (e.g. Abbey). As long as you were named on the previous property being sold I dont see it being a problem.

ninky_2 · 2 September 2010 at 2:58PM

Sibelius1 wrote: »

My wife has a good credit score, and as a result of this we would like to apply for a mortgage in her name alone, until such time as I am deemed credit worthy. Her salary is sufficient to pass the affordability checks for the level of borrowing we would require, but I have read that you are not able to do a sole application if you are married. Can someone kindly clear up what lenders policy is on this scenario?

not true. i have a mortgage in my sole name and have remortgaged once into my sole name. at no point did they say i couldn't because i was married. if one person has a bad credit record makes total sense to me - i keep all my financial dealings seperate to my husband for this reason.

i'm with santander (abbey) at the moment. they did mention they will do higher income multiples if both partners are on the mortgage.

Senior_Paper_Monitor · 2 September 2010 at 3:18PM

Ninky, please be careful about offering advice on your 'own case'.

As stated in my posting #3 and Mr Fool's (I wish he would change that name - it keeps sounding like I am 'having a go' at him) #2 (based on 100s of applications) ..... "Some, but only some, will allow her to apply in her own right"

The OP should be careful that his wife doesn't apply to one that doesn't.

Crinz · 2 September 2010 at 4:08PM

I dont think Ninky was offering advice, just a rebuttal of OP's statement that 'I have read that you are not able to do a sole application if you are married'

The fact that Ninky has a mortgage in her sole name when she is married is fact. nothing more nothing less.
A also have a mortgaeg in my sole name when i am married, this is also a fact. not advice in any way shape or form.

I am with Halifax. We now have 2 factual statements supporting that 2 of the biggest lenders will allow this. I still dont see any advice being given

Senior_Paper_Monitor · 2 September 2010 at 4:27PM

Mr Crinz (and Mrs Ninky) - I was merely suggesting that the term 'not always true' might serve the OP better than "not true".

The fact remains that some lenders get highly suspicious when married couples apply in their own name only - and, to avoid the danger of a rejection after application, careful selection of the lender (and pre-prepresntation to the lender) by a broker would be advisable. Presumably, you would agree ?

ninky_2 · 2 September 2010 at 4:35PM

Senior_Paper_Monitor wrote: »

Mr Crinz (and Mrs Ninky) - I was merely suggesting that the term 'not always true' might serve the OP better than "not true".

The fact remains that some lenders get highly suspicious when married couples apply in their own name only - and, to avoid the danger of a rejection after application, careful selection of the lender (and pre-prepresntation to the lender) by a broker would be advisable. Presumably, you would agree ?

i used a broker for both my mortgages so i would agree it can be helpful to get a suitable product. i would also highly recommend reading the advice on getting mortgages (including getting 'fees free' broker advice) by clicking the purple mortgages and homes tab at the top of the page.

i'd be interested to know which lenders don't allow married people to apply for a mortgage in sole name. seems to be a form of discrimination to me.

Married - Sole Mortgage Application

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