Mortgage for Spouse alone

lynsey123_2 · 28 February 2013 at 3:22PM

Good Afternoon

I am not sure if anyone can advise. My husband owns a property at the moment and is looking to sell and use around 30k or the equity as deposit for our new home. The new home value will likley be around 190k. I am concerned as I had poor credit history in the past and am still paying back my credit card. My husband was going to apply for a mortgage in his name alone. He has an excellent score with credit expert and my score was poor and is now just good. We have no credit assocations and no joint bills or accounts, we also have no dependants. Does anyone think this will be a major issue? Many thanks for all your help.

Crashandburn · 28 February 2013 at 3:41PM

Shouldn't be an issue. Most High Street lenders will allow the application in a sole name but may put you down as a dependant when it comes to affordability unless you have your own income.

Even saying that, the systems aren't that restrictive if just adding one dependant.

One High St lender tweaked their systems just today to only take into consideration those who are dependant and ignore any other parties that are self-sufficient

Good luck

Wh05apk · 28 February 2013 at 3:56PM

I would always try to do in joint names, when you say you "had" bad credit, how bad was it? CCJ's bankruptcy, or just an odd missed payment? and how long ago?

mrsmchapman · 28 February 2013 at 5:04PM

You should have no problem at all. As long as he can meet the mortgage criteria you will be fine. You will have to sign a indemnity type form for the mortgage that should he leave the house, sale repossession etc then you will leave to and not squat! In a few years when your credit in better you could then add your name to the mortgage.

lynsey123_2 · 1 March 2013 at 11:57AM

Thanks for all your advice. Crashandburn can you reccomend a that high street lender? Thanks again.

Thrugelmir · 1 March 2013 at 2:38PM

What's the reason behind your poor credit history? Lenders will naturally wonder why the spouse is not party to the mortgage. As in the main parties want to be named for their own protection.