a few questions

crazychick67

I have debt in my name only which i pay regularly and am not in arrears etc.
My questions are

1) will it affect my husband getting his mortgage ( mortgage is in his name only)
2) will the mortgage lender find out about my debt

Crashandburn

The lender should not find your debt information because the application will not have your details on it. If this debt is in joint names, then obviously it will form part of your husbands credit profile.

As for it affecting his application, then the worst that can happen is that they class you as a dependent and reduce the amount they will lend him on this basis.

crazychick67

thanx for your help
no we dont have any joint debt
am just worried that the mortgage lender wont give him mortgage cos of me.
He has current mortgage with abbey and will take this with him to new house but i was asked to show a wage slip to prove i wasnt financially dependent on him.
He submitted full application on line and it came back approved straight away, so does this mean mortgage all ok.
your response would be very much appreciated

Crashandburn

crazychick67 wrote: »

He submitted full application on line and it came back approved straight away, so does this mean mortgage all ok.

Only the mortgage offer will confirm that the mortgage is all okay. Lots of other variables to be dealt with before you get that stage but turnaround times with the Abbey are very good at the moment and therefore it would only take a couple of days for them to hopefully sign off on the income and instruct the valuation.

crazychick67

what do you mean by other variables?

Crashandburn

crazychick67 wrote: »

what do you mean by other variables?

Before the offer is issued, other variables are things like issues on the property you are buying, reports needed by the surveyor, confirmation of any questions the payslips might generate, proof of deposit etc

Not putting a negative on it but the target is always the mortgage offer before you know all is okay.

Wh05apk

Why are you not going on the mortgage?

ValHaller

crazychick67 wrote: »

no we dont have any joint debt

A joint bank account is enough to link you financially. I think to get more useful advice, you need to let us know why you do not want to go on the mortgage or why you think this would not be allowed.

Are you paying all your debts on the original terms?

crazychick67

not on the mortgage cos of poor credit history (when i was young and foolish)
all debts being paid on original terms etc.
why did they ask for proof that im not financially dependent on husband

Wh05apk

How long ago, and to what degree what your "poor credit"?

ValHaller

crazychick67 wrote: »

not on the mortgage cos of poor credit history (when i was young and foolish)
all debts being paid on original terms etc.
why did they ask for proof that im not financially dependent on husband

So how long ago did you have credit problems? And to what extent? Don't just assume. Particularly if all current debt is being paid on the original terms.

As for proof that you are not financially dependent - this is so that they don't need to factor in the cost of your husband keeping you when deciding the affordability limit for your mortgage.