Transferring Mortgage in Own Name

RichCH

Hi,

I'm about to try and get my first mortgage, but for reasons of my partner having adverse credit, I have been advised to get the mortgage in my name only as I stand a far better chance of getting it, and it looks like we will just about be able to afford it.

Only thing is, one day I am going to want to have my wife on the mortgage. She had a default on her file a year ago (hence the adverse credit) so that's going to be around for another 5 years I believe. Chances are, if we buy this year, then I probably won't move again for another 5 years.

When is best to try and get her name onto the mortgage?

I understand that trying to do it mid-term will involve solicitors and legal fees and is a pain in the bum. How about when you move house?

kingstreet

If you do it when you move, you simply purchase the new property in joint names with a joint mortgage and avoid the need for a transfer of equity.

You'll save about £500.

How much was the default, when registered and what deposit or loan to value do you need?

RichCH

It was for a couple of grand on a credit card (totally unnecessary but a long story), registered around December 2011. She's now had about 9 months of no late payments and everything clean. However, her rating is still listed as Poor. We would need a LTV of 85% or 90%.

Credit Expert have my rating down as 980.

Crashandburn

If it's that much, then it will be awhile till she is added to the mortgage. Possibly 3 years from the date of the default. If it's not causing too much grief at home not having her on the mortgage, I would park this idea for a few years and only try once her profile is better.

Just check that the new lender is taking her into consideration when they check affordability for your new mortgage.

RichCH

They are only going to take my salary into consideration. In theory this is fine for now and I will be able to borrow enough in order to get the place on my salary.