Help Please! solo mortgage application to the underwriters

Baileybo

Hi everyone
Looking for some advice as im tying myself up in knots. Any advice welcome and correct me if im wrong as im very new to the whole mortgage world.
My partner and i are looking for a mortgage. It will be in his name only as i have a DMP and my credit score would only hinder us.
We understand the risk with this and will be putting things in place to protect me if anything should happen to him (i will be looking to add my name when my DMP is gone and ive re-built my score)
He applied with Nationwide DIP was ok and could offer more than double he was asking for without even taking his commission into it. The full application (all done over the phone) flagged up and went to the underwriter as we have a joint account for bills rent etc and this allowed my debt to show as associated with my partner.
Will this be a prob. My partner has an excellent credit score never missed a payment and has all documents which he is faxing through today. Am i right in thinking that the underwriters will check him as he is the applicant or have i ruined things now with my DMP?
We understand that i could be classed as a dependent as im not on the application this is fine and the reason we have looked at houses in the price range we have so if they reduce the amount he can borrow its still affordable.
To throw another spanner in the works we have an £18000 deposit (on a £72000 home) 7000 coming from my partner and 11000 gift from my mum. Will this be a prob as its my mum and im not on the mortgage (even if they class me as a dependent).
My DMP is for 3 yrs and for a total of about 3500 ive currently got about 2200 left on it.
Hope this makes sense. Any help/advice will be appreciated and please correct me if im wrong and got this totally wrong:o

Thrugelmir

Why not clear the DMP from your savings?

Baileybo

that is an option we considered and may even do but i will still have a bad credit score as it wont make my credit file healthy immediately.
Any suggestions to the whole of the post as im unsure if im correct in what im saying

Dave_Ham

I think Nationwide may have an issue with your input on the overall case and certainly an underwriter may pick this up.

You are certainly going to have an issue with the source of the deposit and it may be after a mortgage issue, you get this issue at the legal stage.

Given the banks deposit requirements, this is becoming a bigger issue as you are not named on the mortgage but clearly have an issue.

Do not just listen to the advisor in branch, they will tell you everything will be ok based upon the need to hit application/offer targets.

Take some formal advice in my opinion.

Best of luck

Thrugelmir

Baileybo wrote: »

that is an option we considered and may even do but i will still have a bad credit score as it wont make my credit file healthy immediately.

The effects of not clearing the debt as soon as possible will merely impact you for longer. By longer I am talking about years not months.

Baileybo

Thank you both. Think we are going to see a mortgage advisor x

Baileybo

Dave Ham - do you think the underwriter will have a problem with my partner being associated with my debt?
will they take into account the amount i owe?
that he is applying solo and can more than afford the repayments even if interest rates escalate?
that the LTV is 75% bracket or 70%?

will these things be considered or do they not count given the circumstances?

Dave_Ham

With Nationwide I would expect this to be individual to the underwriter.

I have seen them not worry with associated OH's and have seen it cause an issue and then hence why the client came to us.

Your bigger issue is the deposit source and you need to think really carefully about how you deal with this..

All the best

Baileybo

thanks for that.

its confusing as from a hell of a lot of research and reading it seems there are no hard fast rules around this.
ive seen a lot of conflicting info and a few posts where mortgage has been offered but at a lower amount.
SIGHHHH
Im being totally honest and have spoken to Nationwide about the fact im not applying and that % of deposit id from my mum (i take on what you said about not listening to them and that they have targets to hit)
on the other hand our solicitor said its down to them they can decline but he has seen a few where it hasnt even been questioned.

Dave_Ham

Please, please do not go forward on the basis of a split deposit where gifted on your side. I cannot see any advisor or Solicitor telling you otherwise.

The Solicitor is duty bound to inform Nationwide and if come from your Parents, this will be an issue.

Clearly not everyone who posts on any forum is not regulated or monitored, however the people that would have got through on this sort of basis are lucky..

Call Nationwide mortgage line now (without giving details) and state that you and partner are buying a property. Say you have bad credit and therefore doing it in sole name only. State that some of the deposit is coming from your Parents and that you will be living in the property. Ask them specifically if that is likely to be an issue..

I am not trying to de-rail your plans, or deflate your ambition just do not want anyone to incur unnecessary heartache and/or cost.

Baileybo

your not dont worry all advice is helpful and we will do that x