Both names on mortgage?

Andysgirl

My partner and I are hoping to buy a house and move in together within the next 12 months.
It will be him funding the deposit as I am currently a full-time mum, but we will both be paying the mortgage payments, household bills etc.
Will we be able to have the house in both our names even though I have a poor credit rating?
Obviously, if I am going to be paying half of everything, I need some form of security for myself and my children, should my partner and myself ever part.
I would be leaving the relative security of a council house that is currently solely in my name, and therefore need to establish things before making the leap.
Would the situation change if we were married?
Thanks for any advice.

Senior_Paper_Monitor

The situation that you describe is an absolute nightmare (this is not an exhaustive list as the desk is littered with real work) ...

1) Lenders do not like deposits, whether gifted or not, from resident non-mortgage holders

2) If you go on the mortgage your credit score will impact on the application

3) You can use a 'deed of trust' or 'second charge', depedning upon 1 and 2 above, to protect your deposit - yes marriage would almost certainly impact this.

4) The impact of marriage before/after mortgage is different.

You need to go a broker for proper advice based on full detail.

Andysgirl

Hi, thanks for your reply, but the deposit would be paid by my partner, who is also the wage earner, so i'm not sure I understand the 'gifted' deposit from 'non-mortgage holder' advice? Sorry if i'm being dim

Senior_Paper_Monitor

Ooops - its me being dim (or at least not reading - told you i was rushed !).

If you are not married (and your income not needed for affordability) - you have the option not go on mortgage. In these circumstances protecting your position is a bit more difficult - a bilateral agreement may be the best route and you will need a solicitor for this.

If you go on the mortgage, depending on the scale of your credit problems - you might end up reducing (or preventing) the mortgage available. You could use Deed of Trust to protect your mutual interests.

You need advice

Andysgirl

Thankyou
How would our position change once we were married - would my name be added to the deeds/mortgage?
It's a loooong time since I last had a mortgage, but I know that with a previous partner, I wasn't working, still had poor credit, we weren't married, and yet there was no problem having my name on the mortgage?

dimbo61

There have been a world of change in the mortgage market over the last 3 years and I would be very careful.
Why not live together in your council house for a while !
That way if you are happy and get married then you can buy a place together as a couple
It gives you more time to build up savings and improve your credit score

Andysgirl

dimbo61 wrote: »

There have been a world of change in the mortgage market over the last 3 years and I would be very careful.
Why not live together in your council house for a while !
That way if you are happy and get married then you can buy a place together as a couple
It gives you more time to build up savings and improve your credit score

Thanks Dimbo61 - however, we can't really afford to wait..my partner is 41, i'm 42.
We have been living together for the past three years, and have decided we need to buy now while we can still get a mortgage over 25 years.
Anything less would increase repayments too much for us to pay comfortably.
Obviously, we don't intend parting anytime soon as we are happy, hence marriage and mortgage, I just need assurance that the security is going to be there for me and my kids in the event of the unthinkable happening in the future.
I've been stung before, in past relationships where i've paid equal amounts, then got nothing when the relationship has broken down.
Nobody likes to think the worst when they're planning on sharing their life with someone, but when I am solely responsible for housing/feeding etc myself and kids I can't afford to take chances with our possible future security.

dimbo61

Trip to gretna green on the cards then :-)))

Andysgirl

Thankyou. I had hoped i'd get some serious, practical advice on here - never mind.

getmore4less

however, we can't really afford to wait..my partner is 41, i'm 42.
We have been living together for the past three years, and have decided we need to buy now while we can still get a mortgage over 25 years

How much is the council house rent against interest on the mortgage?

What are the numbers?

By continuing to save you build up a bigger deposit so need less years, depending on the numbers this could be year for year effectively leaving the end date the same.

Andysgirl

Thankyou getmore4less.
My rent is currently £260 pcm.
A mortgage on the house we are interested in would be approximately £360. We have a £15k deposit all ready.
My main concern though, was having my name on the deeds and/or mortgage for security.