Mortgage offer made by Woolwich but need wife adding to Mortgage

reverend

Hi all,

I was wondering if anyone had any thoughts on this.

After a couple weeks wait due to underwriting delays, Woolwich finally made me an offer or a mortgage for my Shared Ownership purchase. I applied in my own name and left my self-employed wife out of it. We made this decision because we thought it would be simpler for us to get through the process without my wife's extremely variable income in the frame.

However a problem arose almost immediately. My Housing Association suddenly decided that the fact that our mortgage is not in my and my wifes name jointly means that I do not meet their Shared Ownership qualification criteria. I won't go into the reasons for this, apart from to say that it is to do with the rules set by the Homes and Communities Agency (HCA) applicable to Shared Ownership properties with more than 1 bedroom.

I may be able to get around this by obtaining a dispensation from the HCA, but if I can't, I will have to get my mortgage and Lease put in both of our names. My question is, do I have to start from scratch, and do the lenders affordability tests and so on again, this time with my wifes income under consideration. I have only had a brief chat with my broker about this on Friday, but that is the impression I got. This may be a problem for me because the Woolwich currently have a 5 week underwriting backlog ! (Apparently they are the only lender currently offering a product for Shared Ownership new builds with a 15% deposit only) and I have an Exchange deadline of 3rd March set by the Housing Association (at which point they may kick me off and offer the place to another qualifying family.)

Thanks

getmore4less

I would be concered about how you will sell this place in the future.

They will be checking every potential buyer and you will need permission to sell.

Make sure that letting it out is an option.

surreybased

Hi,

If you need to add your wife to the application then they will need to do background checks on her. It's likely they will treat this as a new application but best to speak with them and see what they say. I would do it asap as Woolwich are horrendously slow on all mortgages.

reverend

Thanks both,

My broker has spoken to the lender. It looks like I can add my wife through a process called "Pre-Contract VAriation" as I have not yet accepted the mortgage offer. Takes 3 days apparently. I don't have to declare her income etc as the lender has already conductef the financial checks on my original application, accounting for my wife as a dependent on my salary.


rev

jamesperrett

Something similar happened when we bought our current house two years ago. I thought it would be easier to leave my wife off the mortgage as she wasn't working so I applied for a mortgage in my own name. It wasn't until we got around to signing papers that my solicitor said that this could cause problems and that my wife should be included on the mortgage. The Woolwich were happy to add my wife to the mortgage although she had to go through their ID rigmarole which added a few days to the process.

Cheers

James.

reverend

Thanks James,

Yes that is exactly what seems to be happening. I've had to send in proof of identity and need to wait a few days.

thanks all

rev