Applying for Mortgage & Childcare Costs

emikk2013

Hi,

I hope someone can advise me on the following:

I'm planning to buy a flat with a shared ownership scheme as a single applicant. However, I am married, but my husband has a bad credit rating hence I wouldn't want to include him.

I also have a 10 months old baby who goes to nursery. My husband will cover the nursery fees of £900 per month and I'll pay the mortgage.

The question is - would that be acceptable for the mortgage lender if I tell them that childcare costs are covered by my husband, or they need to see documents/proof that he can afford to pay it even though he will not be a joint applicant?

Much appreciated if someone can help me with this query.

ACG

Do you have anything in joint names with your husband?
Bank, internet, anything on your credit report?
If you do, then you will be looked at with him being a financial associate.

emikk2013

Thanks for the response - no, we don't have any joint accounts, our finances are completely separate.
My credit score is good as I'm the responsible one and manage my finances fairy good.

Thrugelmir

What's wrong with your husbands credit record?

emikk2013

He has a couple of grand worth CC debt which he hasn't paid back properly (missing payments), he also has several unpaid parking/speeding fines etc so it is virtually impossible for him to get a mortgage...I reckon.

Thrugelmir

emikk2013 wrote: »

He has a couple of grand worth CC debt which he hasn't paid back properly (missing payments), he also has several unpaid parking/speeding fines etc so it is virtually impossible for him to get a mortgage...I reckon.

Not a good position to be in if as you say he is responsible for the nursery fees.

Where's the deposit coming from for the purchase?

emikk2013

I'm sure he will be responsible on paying the nursery fees.
I got a PPI compensation which is enough for the small deposit I need.

Thrugelmir

emikk2013 wrote: »

I'm sure he will be responsible on paying the nursery fees.

Suggest you both start tackling the issues that count. As difficult to see acceptance as sole applicant while passing responsibility for a dependent to a non applicant. Doesn't wash well. As you are a family unit. So financially inter dependent.

kingstreet

Whose bank statements do the childcare costs appear on?

If they are on yours, you'll be taking the hit on affordability.

bni

Will the housing association let you apply as single even though you are married? I would imagine they would be asking some questions about this arrangement, especially if your husband is going to be living with you.

I guess in the end it will depend on how many people are applying though, if properties are sitting empty they are far more likely to be accommodating than if there is a waiting list!