Do both husband and wife.....

micaleff

have to be on the mortgage application or can it be put through just on the husbands name?

Thanks

CLAPTON

In general, the names on the deeds have to be the same as those on the mortgage but there is no requirement for couples whether married or not to own the property jointly.

micaleff

hmmm thanks.....thats what i thought but my mortgage broker says that both are required to be on the mortgage and also YBS said the same?

the wife is retired and doesnt have nay credit etc so has technically a bad file through lack of traffic...so wanted to put through solely!

Thrugelmir

Your wife needs to be declared as a dependent on the mortgage application. Even if she is not party to the mortgage. Also there is a financial association between you.

holly_hobby

No there are various lenders who will accept a single name application for married couples.

You will have to declare anyone residing in the property aged 17 or over (who don't necessarily have to be dependants) - of which the lender will have them sign a consent to vacate declaration (ie they will be able to obtain vacant possession on repossession.

Your wifes poor credit record may affect the issue as an associated party, as stated by Thurls, but this will be dependant on other issues.

The idea is to have an acceptable explanation as to why the poor credit history exists on Mrs Micaleff (could be that you didn't know she had the facilities, until defaulted/revealled to you, also helped if a few yrs old and there are no CCJs). Additionally make a fuss over the good credit record you have, and that her debt management has no bearing or effect on how you will service the mortgage itself - a lowish LTV also wouldn't harm.

Prev experience of similar cases were placed with Halifax - but you would need an A or B credit score for this to have any chance.

Speak to a whole of market broker, be brutally honest about the situation, and let them make a few calls to place this for you.

Hope this helps

Holly

Thrugelmir

holly_hobby wrote: »

No there are various lenders who will accept a single name application for married couples.

You will have to declare anyone residing in the property aged 17 or over (who don't necessarily have to be dependants) - of which the lender will have them sign a consent to vacate declaration (ie they will be able to obtain vacant possession on repossession.

Your wifes poor credit record may affect the issue as an associated party, as stated by Thurls, but this will be dependant on other issues.

The idea is to have an acceptable explanation as to why the poor credit history exists on Mrs Micaleff (could be that you didn't know she had the facilities, until defaulted/revealled to you, also helped if a few yrs old and there are no CCJs). Additionally make a fuss over the good credit record you have, and that her debt management has no bearing or effect on how you will service the mortgage itself - a lowish LTV also wouldn't harm.

Prev experience of similar cases were placed with Halifax - but you would need an A or B credit score for this to have any chance.

Speak to a whole of market broker, be brutally honest about the situation, and let them make a few calls to place this for you.

Hope this helps

Holly

Good to see you back HH. The forum certainly missed your constructive posts.

micaleff

thanks for your responses - great advice.....

I have contacted my broker again and she is on holiday so her colleague is going to take a 'fresh eyes' view of the case.

Thanks again

holly_hobby

Thrugelmir wrote: »

Good to see you back HH. The forum certainly missed your constructive posts.

Ah .. many thanks Thurls. I didn't think anyone had noticed !!

H xxx

DVardysShadow

micaleff wrote: »

hmmm thanks.....thats what i thought but my mortgage broker says that both are required to be on the mortgage and also YBS said the same?

the wife is retired and doesnt have nay credit etc so has technically a bad file through lack of traffic...so wanted to put through solely!

I would not say that she has a bad file. Her 'credit score' may be low, if you are talking about the paid for 'credit score' from the credit referencing agencies. But any lender with a decent credit scoring system should be able to cope with that. Lenders pay about as much attention to people's paid for 'credit scores' as they do to their horoscopes.

The only things to be concerned about are being on the electoral roll and not having late/defaulted/CCJ'd accounts

Mrs Shadow has a basically empty credit file and that did not hinder us getting a mortgage in joint names