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  • FIRST POST
    • Dexan11
    • By Dexan11 6th Oct 17, 10:14 PM
    • 1Posts
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    Dexan11
    Applying for new mortgate from Joint to Single
    • #1
    • 6th Oct 17, 10:14 PM
    Applying for new mortgate from Joint to Single 6th Oct 17 at 10:14 PM
    Hi

    I am looking to purchase a property for which I am looking into the mortgage for the purchase, however the mortgage will be under single application and not joint due to my partner having bad credit record. How easy would be to apply for single mortgage application the LTV would be approx. 30% we have sufficient equity in our property. Would there be any pitfalls??
    Last edited by Dexan11; 06-10-2017 at 10:26 PM.
Page 1
    • ACG
    • By ACG 6th Oct 17, 11:56 PM
    • 15,879 Posts
    • 8,131 Thanks
    ACG
    • #2
    • 6th Oct 17, 11:56 PM
    • #2
    • 6th Oct 17, 11:56 PM
    It can be done on the face of it, but it wont be for many lenders.

    You need to check before applying or use a broker to do the research for you.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • PKaurK
    • By PKaurK 7th Oct 17, 6:32 AM
    • 52 Posts
    • 36 Thanks
    PKaurK
    • #3
    • 7th Oct 17, 6:32 AM
    • #3
    • 7th Oct 17, 6:32 AM
    Because you're associated with and living with someone with a bad credit record, the concern is their financial conduct will negatively affect your ability to pay the mortgage. A few lenders have a policy that states both you and your partner need to be on the mortgage, if you leave your partner off due to bad credit it they will decline it.

    As the comment above states, you need to call and check with lenders first or use a mortgage broker.
    • kingstreet
    • By kingstreet 7th Oct 17, 9:13 AM
    • 32,363 Posts
    • 17,374 Thanks
    kingstreet
    • #4
    • 7th Oct 17, 9:13 AM
    • #4
    • 7th Oct 17, 9:13 AM
    In whose name is the deposit?

    Be careful as there are several lenders which will have a problem with someone contributing to the deposit and living in the property but not named on the mortgage.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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