adding partner to mortgage

holly_hobby

JimmyTheWig wrote: »

Consider the guy down the pub asking you to lend him the money for a drink.
Lets say he seems reasonable. You've seen him there a few times before. He's repaid other people in the past when he's borrowed money. You lend him the money.
Now consider the situation, same guy asking for money, but this time you know that his wife is rubbish at paying back money she owes. Are you still so happy to lend him money? I wouldn't be.

Absolutely Jim ...

UWs tend to go along with the view of guilty by association... and are generally of the opinion that if there is one partner that is lax with money and a poor history of repaying creditors, then their monetary philosophy may well eventually rub off on their partner, who themselves may have a pristine credit record ...... it may be seen as unfair to applicants I know, but its important for them to understand that this UW matrix has been largely based on historic lending data re similar cases, and how those accounts were managed over the term - which in a lot of cases tended to be poorly .....

Hope this helps explain why lenders have the view they do OP.

The comments re her being linked as a financial associate via any mge app are very valid, and it will cause issues for future submissions if declined and you (OP) tries to re-submit in the short term with an alternative provider....

As suggested, it may be much more practical and sensible, to leave things as they are mge wise, and if you feel that you want her to know that you will honour her financial input into the property, even if you know you wouldn't dream of exploiting her financial interests, despite her not being a joint mortgagor/owner, speak to a Solicitor re having a legal notification drawn up between you.

Hope this helps

Holly

getmore4less

The alternative approach is for her not to pay 1/2.

She just pays some towards the interest/bills as if a house share and saves the rest as that is the equity she would be building up with a ful mortgage payment.

When the time is right she injects that saved money into the joint situation.

Much cleaner should you split, once on getting her off will not be so easy.

She has something to show and cleans up her credit situation.

JimmyTheWig

getmore4less wrote: »

Much cleaner should you split

I don't think that that is quite the OP's aim...

hugonellie

thanks for the help guys! the legal doc seems the way forward.

she IS already cleaning up her act, and has significantly improved her rating in the last couple of years. shes got herself a credit card and a regular bank account now (which she couldnt get before) and is paying off her balance monthly. it was just young and stupid purchases / stupid phone bills / metro fines and non payment of that got her into bother - she simply didnt really understand the repercussions.

like i say shes sorting it now, and has been for several years - i trust her a million percent. i actually WANT to split everything with her, i want her to see the commitment is there, without bringing marriage into it. she no longer has debt (because its all paid off) but shes only 3 years into what i believe is a 6 year process? shes on the electoral role so hands are tied with improving her rating further - shes done and is doing all she can as far as im aware