A little bit of advice please...?

Qwertyuiop

:mad:

Cutting a long story very short we have had an offer accepted on a property.

My wife has a number of defaults and missed payments, her credit report is a mess. I was previously unaware of these incidents (long story) and the picture is now improving.

My credit rating and history is very good with no missed or late payments.

So...we have an AIP from the PO (BOI) and have paid for the survey. The online application is in my sole name only and was approved on that basis, on my income only.

I have now received a letter from the PO asking for a full explanation of why my wife is not on the application, but will reside at the property. With a dream family home (perfect for our daughter) hanging in the balance could I have some advice from the pros on how i can adequately explain the situation.

I know the truth is always best but does anyone have any experience of the best way to appease a potential lender in such a situation?

All advice will be greatly appreciated.

betmunch

Your right that the truth is always best. Give them a full explaination and keep your fingers crossed.

Qwertyuiop

Thanks for the swift reply!

Would anyone else have a view on this?

McKneff

I can only agree with betmunch. Make things up or leave this out and youre making a rod for your own back
in the future.

Moomum

Ours asked the same and our broker told them that it was because we possibly would get another mortgage later on in my name only. I'm not sure why he said this as in fact it was because my wage is a pittance in compArison and wouldn't have a made any difference really to the amount we could get, also it is unlikely that I'm returning to work after maternity. As long as you can afford the mortgage payments easily on your salary alone then it should be one.

Qwertyuiop

McKneff wrote: »

I can only agree with betmunch. Make things up or leave this out and youre making a rod for your own back
in the future.

I may be a little clueless here, what do you mean my a rod for your own back in the future?

Qwertyuiop

natmid wrote: »

Ours asked the same and our broker told them that it was because we possibly would get another mortgage later on in my name only. I'm not sure why he said this as in fact it was because my wage is a pittance in compArison and wouldn't have a made any difference really to the amount we could get, also it is unlikely that I'm returning to work after maternity. As long as you can afford the mortgage payments easily on your salary alone then it should be one.

Thanks for your reply.

Interestingly, my wife is on maternity and may not be going back to work. Would this therefore be deemed an acceptable explanation?

Moomum

I believe so, if she has no income then there is no reason for her to be on the mortgage as she will not be contributing. I don't have an adverse credit history as such but I do have outstanding loan and missed payments from university days but we received our mortgage offer on just my husbands application.

Qwertyuiop

Thanks!

My wife is unlikley to be going back so that makes sense, as you say, if she is not 'contributing' financially then there is no reason for the application to be in her name.

GMS

There are any number of scenarios but unfortunately they are not true.

What was right for somebody else does not mean it is the answer for you.

If you have a financial association to your wife then they may already be aware of her poor credit. Tell the truth oherwise you may find a mortgage more difficult to obtain in the future.

Qwertyuiop

GMS wrote: »

There are any number of scenarios but unfortunately they are not true.

What was right for somebody else does not mean it is the answer for you.

If you have a financial association to your wife then they may already be aware of her poor credit. Tell the truth oherwise you may find a mortgage more difficult to obtain in the future.

Thanks.

I am not associated with my wife via any financial products - the only thing in joint names is the Council tax bill!

Could you elaborate on why it could be more difficult in the future?