Single mortgage application when married

Racbells

Thanks dsab. My husband is more than happy to sign a "waiver" to say he has no right over the property etc etc. he has even said he'd considered divorce (provided we get married again In the future!) sounds drastic but we both feel that providing a secure home for our daughter is the priority.

Racbells

I think perhaps I should mention that the deposit is coming from my parents. Would this be an adequate reason for a lender as to why we want a single mortgage in my name? In that my parents will help me with the deposit provided everything is just in my name?

gardenlady_2

Hello. The fact that you are married makes no difference to your situation, so don't get divorced! It is the fact that he has a bad credit rating and you live together that is the issue. I am not married to my partner and we are in the same situation. The problem you may have in the future is a financial association, not marriage itself.

In laymans terms,it is because the lender does not want anyone who does not have a legal interest in the property to have any financial claim on it. So, if you were to split up for example, even if he was not on the deeds nor had he contributed to the mortgage he could go to court and try to claim a part of the property because he has lived there, looked after your child etc etc. This is what the lender wants to avoid, that is why they do not like this situation.

They do not like a partner to have a bad credit rating because they think you are at risk of having to bail them out, so even if your credit rating is good, they see you have an association with your partner and then can see you as a risk.
It is the credit rating they look at, not the whys and wherefors of the situation.

I would go to an all of market broker and speak to them- they will sort you out and tell you what's best. This is what I did, and it is why I know the above information. You will be able to get a mortgage with their help, as long as your credit rating is clean and you are not linked financially in any way- so no joint accounts, even utility bills in separate names. Good luck!

Goldiegirl

As long as a person can afford the mortgage in their own right, they can apply for the mortgage in their sole name, and not include their husband or wife on the mortgage.

They will ask for the name of any adults living in the property who aren't party to the mortgage, and your husband will have to sign a Consent to Mortgage Form. The reason for that goes back to the 1980's when Williams & Glynn bank couldn't take possession of a property as an adult occupier said they didn't know there was a mortgage on the property !

The last time it was an issue for specifically a WIFE to buy a property without her HUSBAND was about 1976 ..... nowdays both sexes are treated totally equally,

Wh05apk

Some lenders will insist the mortgage is in joint names, most are ok about it, provided, the party not on the mortgage is not contributing by way of deposit, and so will not have a claim over the property (although being married all property is effectively shared!)