Can i get a sole mortgage even though i'm married?

jessica12_2

My husband has terrible credit (due to bad business luck) he cannot get a mortgage to buy right to buy council house, my question is could i get a mortgage in my sole name with just my earnings taken into account? To be honest i'd prefer to have it in my name only as its a very insecure relationship & he's left on several occasions. I know its probably a strange question but any information on how i could get a mortgage would be very appreciated.

pebblespop

i am married and myself and the husand have separate mortgages. i have the one on the main house and he has one for a rental property.

koexelek

Depends on the lender. Most are Ok with the one name though, as long as that person's income covers the mortgage

jessica12_2

Thanks to both of you for replying, koexelek if i work only part time and get about £6000 per year and £9000 tax credits can this be taken into account, also any idea how much they might lend me?

herbiesjp

Is the council house registered in your sole name, or jointly?

You need to find out from the council what the asking price is, and what discount you will get first.

Then you will be able to see if you can get anywhere near the mortgage needed.

Some lenders will take the tax credits into account, but different lenders will take different amounts of those tax credits to add to your £6000

Do you know the figures?

jessica12_2

Hiya herbiesjp thanks for replying the house is in my name only, someone i know in an identical house was told £78000. so with my discount i would get it for £52000. i have a few thousand saved up but wanted it really to do house up. Also (sorry for loads of questions) how long do i have to of been in work to be considered for mortgage, and since i am married to my husband we are financially connected so will his bad credit affect mine?

koexelek

jessica12 wrote: »

Thanks to both of you for replying, koexelek if i work only part time and get about £6000 per year and £9000 tax credits can this be taken into account, also any idea how much they might lend me?

Depends on the lender, but you might get four times that if you are lucky ( £60k)

herbiesjp

Based on those figures you may be able to move ahead.

Some lenders will want a track record in employment, others will be ok from day1

Your husband will have to sign a form to state that he has no rights to the property

You will be better off talking to a whole of market adviser, as lenders are tight on criteria, and Righ To Buys are an area that can cause problems

Caz3121

jessica12 wrote: »

Thanks to both of you for replying, koexelek if i work only part time and get about £6000 per year and £9000 tax credits can this be taken into account, also any idea how much they might lend me?

not an answer but a further question for those in the know...
I believe not all lenders will take benefits such as tax credits into the equation, if the OP finds one that does what is the impact of the fact that the tax credits will be part of a joint claim so in theory paid to both of them?

Fly_Baby

Without having a go at the OP personally - but something seems very wrong in the whole arrangement, if the OP gets subsidized housing, plus subsidized living costs in tax credits (exceeding her earned income by 50%) and now she is entitled to actually buy in her ownership this house whilst paying for the priviledge greatly thanks to the same governmental subsidy in the form of tax credits...

If one doesn't earn enough to buy even the cheapest council house then maybe they should continue being a [council] tenant? Like everyone else who cannot afford to buy but isn't getting such a massive amount in tax credits.

Are banks even ALLOWED to take into account tax credits?

Edited to say: tax credits are supposed to help those on a low income get by, not to enable them to acquire £80,000 worth of property - isn't that so?

rinkydinkpanther

If it is true that someone would lend 60k to someone earning 6k a year, then we really are still in la-la land where mortgages are concerned. I am assuming that the tax credits are because the OP has children ? So how could these temporary and for a specific purpose payments (which will probably be slashed by the Tories anyway) possibly be taken into account for a mortgage payable over at least 25 years ?