Re: Bankruptcy & new mortgage

newbie2009

If my partner & i want a mortgage. Is he able to take it out in his own name (i was discharged 2005)

and then I can join as a transfer of equity. I would be paying towards it and providing him a £12,000 deposit.

Thanks

ps: did try in joint...no hope in hell!

_Andy_

The TOE can't be done without you being on the mortgage so that plan would be flawed.

newbie2009

surely when they do TOE they ask less questions as we would already be paying off the mortgage & it's already arranged. I am no long erb rupt i just have no credit which causes the problems

_Andy_

No, it would be credit checked as any mortgage would.

Conrad

a TOA is underwritten the same as a new application, so no chance I'm afraid. The reason is that each mortgage product is priced according to risk and lenders deem it more risky to have those with past credit issues on thier balance sheet.
Lending rationale is that a 'sub prime' profile will have a strong influence on the repayment of the debt.

There is a potential loop hole, but not something to be discussed here. Find an experienced broker.

newbie2009

Thing is is that It was a long time ago and the court agreed I was poorly advised therefore reduced the time. Ie the debt was £4000 and I was very young. I am now 28 and earn £25,000 however i clean up my records no lender will accept me due to any mentioning of 'bankruptcy'.

What about deeds of trust or something drawn up?? My partner is fully aware and just wants to share the ownership also.

Dan_1976

Welcome to 2009!

PasturesNew

You call him your partner, not your husband.

If he gets the mortgage in his name and things don't work out in the next 5 years, then you can walk away, leaving him with negative equity. Just walk away, no assets to split, no half/half. If things work out in the next 5 years, you can try again then.

A mean way of looking at it, but a lot easier and more logical.