Mortgage passed over?

wayne5393

Hi,

I have a poor credit rating and have been refused a mortgage because of this. Rather than wait X amount of months or even years for this to improve, would it be possible for my girlfriend and her dad to get a joint mortgage and then once the house is bought change his name over to mine? I earn a good wage but my credit is stalling me.

Thanks, Wayne

_Andy_

No as you would still have to be credit searched etc as per a new application

GMS

What are the credit issues? CCJ's? Defaults?

Who has turned you down? Have you tried a broker to see if you could fit for a 'Near Prime' lender?

rising_from_the_ashes

Agree with Andy - a new search would be needed.

Have you checked your credit report to make sure it's right?

If you have CCJs, Defaults etc, how long until they "fall off"?

kingstreet

Your idea is probably not a good one.

Once the purchase is completed and the mortgage up and running, you would need to approach the lender for a transfer of equity. This involves the removal of your father in law and his replacement with you. The lender will carry out similar credit and affordability checks as it would with a whole new mortgage application.

If it wouldn't give you a mortgage before, it's unlikely to do so now.

The end result would be your father in law stuck on a mortgage for an indefinite period and responsible for the whole payment if, for example you and your partner split up and can/t/won't pay.