Is this morally right.

jojaca

I currently live with my partner and three children in a council house. I am the only earner in house, due to partner losing job recently. We tried to get joint mortgage first, but was turned down because I was the only earner and had to support family. We could have easily afforded payments because the mortgage would have been the same as rent we pay.

I have been told by friends to apply for mortgage in just my name and would have a good chance of being accepted. Would this be morally right, me and partner are not married and have separate bank accounts and the deposit is in my bank. Is this to risky.

kingstreet

Applying for the mortgage and purchasing the property in one name is fine.

The problem starts when you get to the "number of dependents" question. How are you going to answer that? With a lie?

If you have childcare costs or similar on your bank statements, lieing may get you in trouble later in the process when you've spent hundreds, if not thousands on fees.

jojaca

I have only two direct debits on bank statements,my mobile and sky TV. We use my partners account for bills and mine for saving. What if I lie and say we have recently just split up and then get back together after I have sealed the deal.

repoman123

I am in no way an expert with these matters (I'm on these forums to get help myself) but I just wanted to say there are quite a few schemes out where the government help you with deposits and I know that housing associations also help you out with and have shared ownership deals that you could possibly look into.

Good luck!

Goldiegirl

The relationship between the borrower and the lender should be one of trust.

It doesn't bode well at the start of the relationship when the borrower is thinking of lying on about the number of dependants they have.

It's never a good idea to lie, as lenders always see through the lie.

If you say you have split up, they will very likely want to see bank statements to show that you are supporting the household on your income. That is, paying the rent and all other outgoings, not just your mobile and Sky.

Lying is a complete no go.

Yorkie1

Goldiegirl wrote: »

The relationship between the borrower and the lender should be one of trust.

It doesn't bode well at the start of the relationship when the borrower is thinking of lying on about the number of dependants they have.

It's never a good idea to lie, as lenders always see through the lie.

If you say you have split up, they will very likely want to see bank statements to show that you are supporting the household on your income. That is, paying the rent and all other outgoings, not just your mobile and Sky.

Lying is a complete no go.

Not to mention mortgage fraud which, if discovered, will result in a fraud marker being placed against OP's name and will make it difficult or impossible for OP to get insurance / credit / mortgage in the future.

Really, OP, it isn't worth risking.

Thrugelmir

jojaca wrote: »

We could have easily afforded payments because the mortgage would have been the same as rent we pay.

To add to the good advice that has been made.

Mortgage does not equal rent. With the mortgage comes all the costs of home ownership. Over the years the costs will mount up. So not worth kidding yourself otherwise.

Try and build your savings over time. So that you borrow less.

kidmugsy

Yorkie1 wrote: »

Not to mention mortgage fraud which, if discovered, will result in a fraud marker being placed against OP's name and will make it difficult or impossible for OP to get insurance / credit / mortgage in the future.

Unless you are Peter Mandleson in disguise, of course.

wannahouse

we are buying a house, and the mortgage will be in my husbands name only...
we are going through lloyds..
we wanted the mortgage in both names, but the lloyds adviser said because there is a huge difference in income btwn me and my husband, if in joint names they will only give us x times an averaged income, whereas if just in his name (high wage earner) they will give him the highest multiple, so we essentially could borrow more...!
crazy, i didn't get it, and a bit miffed that my paltry income was poo pooed, but whatever...

just ask the mortgage adviser the best way to go about it..no need to scheme and plot...

kingstreet

wannahouse wrote: »

we are buying a house, and the mortgage will be in my husbands name only...
we are going through lloyds..
we wanted the mortgage in both names, but the lloyds adviser said because there is a huge difference in income btwn me and my husband, if in joint names they will only give us x times an averaged income, whereas if just in his name (high wage earner) they will give him the highest multiple, so we essentially could borrow more...!
crazy, i didn't get it, and a bit miffed that my paltry income was poo pooed, but whatever...

just ask the mortgage adviser the best way to go about it..no need to scheme and plot...

Quite frankly, that is tosh.

Lenders take both gross annual incomes and add them together. They then deduct any credit commitments, multiplying the result by an income multiple which is as high as 5x for some lenders.

The only times I could think of for not including a joint applicant are;-

- one applicant has adverse credit
- one applicant has credit commitments greater than their income.

As a person is significantly disadvantaged by not being party to the purchase and the ownership, this should only be a last resort.

BMW_Mike

Hi,

Firstly - Do not consider not telling the truth to your lender, - If they find out you could well be for the high jump in a number of unpleasant ways, - Although Mortgage Providers methods of assessing applicants are somewhat crude and frustrating they are doing it for your own protection (and of course theirs).

If you applied in your own name only - your partner would be significantly disadvantaged, some Mortgage provides will include benefits in their calculations, - get yourself an IFA, present the whole picture and see what they can do. - If they cannot help entirely or you cannot get enough mortgage which is more likely then explore options.

You mention you have a Council house, - It may not be what you want or like but you have quite a high degree of security of tenure, look into the Shared Owenrship schemes - one premise is that you are on the housing list or in a Council house, that's a good start.

You will need an absolute minimum of a 10% deposit and better more to go down this route, it's tough, there are many who cannot make it and probably never will do so.

The days of aspiring to own your own home as soon as possible are behind us, the priority is keeping a roof over your and your familes head for their and your lifetime in my opinion is now the goal. How that is done may differ.