s it possible to get mortgage in just my name?

wewilldoit · 20 July 2017 at 12:35PM

Hi
Just wondering if anyone would be able to give some advise please?

At the moment our house and mortgage is in my husbands name only, even thought we have been married for a very long time but due to my bad credit rating it was easier to make me off when we moved five years ago for borrowing extra.

Fast forward five years, my credit rating is better, unfortunately my husbands is worse, so roles reversed, we are looking at selling our home for about 400k and repaying the outstanding mortgage of 180K leaving 220K to put down on a smaller house, would it be possible to use this money as a large deposit and take out a mortgage in my name only for about 30k?

Ideally we would like the house to be registered under both our names but the mortgage only under mine, i earn 15k per year, credit rating not too bad but not good, is this possible or would it be better to try to save very hard for a year then top up with a loan?

Any advise would be great thank you

[Deleted User] · 20 July 2017 at 12:47PM

wewilldoit wrote: »

credit rating not too bad but not good

Credit ratings don't exist in any sense that you can see. What is important is your credit history.

What is on your files that is leading you to these conclusions? Defaults? CCJs? Or lack of history?

wewilldoit · 20 July 2017 at 1:07PM

I have some missed payments on credit cards, both have been passed to agencies, i can settle one next month but the larger one will take about three months to settle, as they have both been reduced I have been warned it will show up as particial settlement.

I don't have any ccj or have not been bankrupt, but have had a couple of payday loans that were paid back straight away but i know these are frowned upon.

Thanks

[Deleted User] · 20 July 2017 at 1:10PM

That's a pretty poor history, rather than not too bad.

You're going to need a broker with experience in adverse credit. At least you will have decent equity - although 30k may be too small for a mortgage.

Thrugelmir · 20 July 2017 at 5:57PM

wewilldoit wrote: »

Ideally we would like the house to be registered under both our names but the mortgage only under mine,

Trouble is lender then has no control over party not named on the mortgage. Both on mortgage, one named on property is acceptable though.

wewilldoit · 21 July 2017 at 7:54AM

Many thanks think i will contact a broker and see from there.

s it possible to get mortgage in just my name?

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