Single Person Mortgage Application

jenand8285

I am considering applying for a mortgage by myself. I am married but my husband has a bad credit history where as mine is good, so I was thinking of applying alone.

I am currently earning £18,000 per annum I would be looking at borrowing £54,000 of the of the property price which is £60,000. So keeping tight within the 90% mortgage - maybe some flexibility.

The only debt I have is a personal loan which I owe £1700, I may consider paying this off before applying but I would rather keep it in my savings to pay decorating ect.

The monthly mortgage repayments with take about 25% of my net take home pay. But if I applied with my OH it would only be about 12% of our joint take home pay.

Am I better of applying alone, or jointly with his credit risks? BTW he has not current debt and has not for about 3 years

Thanks

dimbo61

Well you are only borrowing 3X your income and have a 10% deposit but when you fill in the mortgage forms you have to state who will live in the property and as you are married you have your finances tied with your husbands so may be difficult to get a mortgage .
The existing loan does not help

jenand8285

So are we likely to be more successfull with joint application even with the possiblity of his bad credit? Or are you saying all of our options will be difficult?
The loan was towards my car which I will be shortly selling and it value could repay the loan with ease, though I was originally going to save it for the house.
I have not get got my OH credit report so I could be worrying over nothing , his debts where from about 2005/6 (but I am not sure when the creditor may have written it off) and we have been very solvent since, with the only credit taken in this time being my loan. How acurate are experian?

Also I as thinking of a 95% mortgage, the houses that we have seen that fall in the 60k bracket all need a bit for work for example replacement kitchen, so I am keen to have enough left in savings for improvements.
I know I read on here that the extra intrest paid on 95% mortgages will make it not worth it, but we are currently paying £550 pcm in rent and mortgage repayments would be £300-350, so would it be worth it? If we could move 6-9 months earlier?

Thanks in advance for any advice.

jenand8285

One other thing I was very worried about was getting the mortgage application rejected, as I thought this would hinder my our chances in future applications. But having read through a few other threads alot of people have stated they have had quite a few rejected. Is it not such a big deal to be rejected first time?

Sorry but like I said I have not received any professional advice and I think really I am scared to death of the FTB process, that is probably why I have made an appliation with the cash I already have! :eek: