Married but mortgage application in sole name?

jammy26

My husband and I would like to buy a property basic details are

Property value £200000
Mortgage required £180000
Husbands income £60000
My income £30000

The issue we have is that I have a poor credit rating whilst my husband's is near perfect.

We have no credit commitments and are not financially linked in any way.

Would a lender allow my husband to buy the property in his sole name with me being a permitted occupier? Are there any major pit falls to this we should consider. We have looked at the HSBC and Nationwide calculators and it appears that they would lend the amount needed on husbands sole income but can't find anything to say if they would be nervous about me living there?

bigadaj

jammy26 wrote: »

My husband and I would like to buy a property basic details are

Property value £200000
Mortgage required £180000
Husbands income £60000
My income £30000

The issue we have is that I have a poor credit rating whilst my husband's is near perfect.

We have no credit commitments and are not financially linked in any way.

Would a lender allow my husband to buy the property in his sole name with me being a permitted occupier? Are there any major pit falls to this we should consider. We have looked at the HSBC and Nationwide calculators and it appears that they would lend the amount needed on husbands sole income but can't find anything to say if they would be nervous about me living there?

Should be ok but if you're not on the mortgage then you wouldn't normally be allowed on the deeds so wouldn't have any ownership rights. The lender would also make you sign a waiver which would mean that they could repossess should payments ceases you wouldn't have any rights of occupancy.

Thrugelmir

jammy26 wrote: »

We have no credit commitments and are not financially linked in any way.

Where is the deposit coming from?

jammy26

we have saved it in ISA's etc in my husbands name over the past three years.

Thrugelmir

Are your credit history issues are more recent (than the last 3 years)?

jammy26

last default was registered four years ago

Thrugelmir

jammy26 wrote: »

last default was registered four years ago

Maybe worth using a broker. As possibly a lender that would accept you on the application. While there's no financial association as such. Married with children in itself creates an association. So better to be upfront rather than attempt to deceive.

Dave_Ham

Whilst you will get a mortgage based upon the information provided in just Husband name, not all lenders will be happy with this and certainly not at 90% LTV.

There is a chance of joint application success given the historic nature of the default/s, although this will be dependent on a variety of other factors.

You will certainly require your Experian, Equifax and Call Credit reports and suggest looking at seeing an experienced broker as joint application should be first port of call.

Your deposit may come under scrutiny by some lenders and if clearly saved jointly will prove to undo the case further down the line.

All the best

jammy26

Thank you for your replies, just to be clear the deposit was saved solely by my husband there is a clear paper trail of a proportion of his monthly pay being put into his savings account, my income has been used to clear my debts, the last default was only satisfied very recently and therefore I thought I would need to wait a considerable amount of time before I would be credit worthy again.

Dave_Ham

jammy26 wrote: »

Thank you for your replies, just to be clear the deposit was saved solely by my husband there is a clear paper trail of a proportion of his monthly pay being put into his savings account, my income has been used to clear my debts, the last default was only satisfied very recently and therefore I thought I would need to wait a considerable amount of time before I would be credit worthy again.

Not necessarily, will depend upon the rest of the case. Worth exploring first I would imagine, although some of the better rated lenders will certainly pickup the association through savings/bank account.

jammy26

Sorry to be a pain but I don't understand the association bit, we have no joint accounts or financial products other than being named drivers on each others car insurance policies. Assuming I can't get a mortgage which lenders would allow me to be a permitted occupier? We saw a mortgage broker who advised a sole application but he gave us some very duff pension advice so now I am worried that his mortgage advice is dodgy too!