Mortgage for married couple but in only one name

Lindy_Loo_3

Hello everyone

We are looking to buy a house. We have a deposit of £20,500 (currently) and are looking to purchase a property for no more than £140,000 so that our LTV would be approx. 85% (assuming that we actually paid £140k and bumped another £500 into the savings).

My OH (husband) has a spotless credit rating; loans, credit cards, contract phones always paid on time and currently all cleared.

He has been in the same job for 11 years and will be secure in this job for another 11 years. His current salary is £32,100.

I however have a discharged bankruptcy on my file from 01/06 and since then my file has been (understandably) spotless. Until December, I have always worked but for obvious reasons, it has been considerably more difficult recently to walk into another one so I am therefore currently unemployed. I understand that until I get another job our baby and myself are classed as "financial dependants" on my OH.

Given MY circumstances, we feel it would be more prudent to apply for the mortgage in my OH's name only as I feel my bankruptcy and lack of employment will only serve to be an adverse effect on any application.

Having received brief mortgage advice, I am concerned that a lot of lenders seem to insist that the application is put through in both of our names but as we have never been financially linked, we do not wish to start now.

Is this possible or are we looking at fraud (which we DEF. don't want to be doing!) in only one person being on the mortgage.

Thank you in advance for any advice you can offer

unite79

Nothing wrong with mortgage only being in your husbands name, you then have to declare that you are living in the property, sign a consent form, Job done - Nothing fraudulent in that.

Lindy_Loo_3

Thank you unite79 for such a clear and prompt response - just what we needed

EDIT: One more thing - sorry to be a pain, but is there any benefit in applying for a mortgage with who we bank with first or should we shop around with a broker for the best deal?

Thanks again in advance!

Lindy_Loo_3

One more thing - sorry to be a pain, but is there any benefit in applying for a mortgage with who we bank with first or should we shop around with a broker for the best deal?

Thanks again in advance!

gratefulforhelp_2

Just bear in mind that the person who is not on the mortgage will have to sign something to say they will move out if the house is sold. Also, the person whose name is on the mortgage will be the only one who has a say in selling it. I hope, though, that you never get into that situation.

Lindy_Loo_3

Did briefly cross my mind but don't see any chance of us parting company - been together since school but only married recently! That said though - touch wood!

I'm happy to sign a deed to the effect that should the house be sold I will be moving too etc; long term plan is to purchase house for life then when my bankcruptcy is removed from my credit file, consider adding me onto the mortgage deed (subject to circumstances at the time of course). Are you allowed to do that?

Thanks again

unite79

Lindaloo, using your own bank, or a Mortgage Broker, the simple answer is look at both, compare and go with the one that offers you what you want - as an example you may want a product you bak does not offer, the Broker can look at your situation, and advise wha is best for you and your husband.

Ohh to have a marriage, where you get your wood touched (Joke)

Lindy_Loo_3

Ha ha - thanks again Unite79

NickiMcJock

I would personally use a Building Society - they traditionally offer lower rates and with say Britannia Building Society - they offer loyalty rewards.

On a mortgage application one of the questions for the mortgage applicant will be 'will there be anyone else living with you over the age of 18' your solicitor will get you to sign a deed of consent so that things didnt work out you have no legal claim over the property.

HTH

NB - Dont use a broker - in the main they get proc fees - ie they only advise you to go with companies that pay them to recommend them. ie the advice is not impartial. You can look on moneyfacts website which will tell you the market leading rates and just do your homework yourself.

Lindy_Loo_3

That's really good to know NickiMcJock, we actually bank with the Co-operative who (I believe) have just merged with the Britannia so we'll look around the BS's too.

koexelek

NickiMcJock wrote: »

NB - Dont use a broker

Now I would never have guessed you worked for a bank yourself