What are the chances? (wife with bad debt)

smithandjones1982

I wondered if anyone could tell me what my chances are of getting a mortgage when my wife has terrible bad debt in her past?

Here's what I earn and what I'd like to borrow
Earnings £33,000
Like to borrow £80,000 - £90,000 (maybe less if we saw something to fix up)
Deposit £20,000 (possibly £23,000 at a stretch)
Current debt - I am currently £1000 in my overdraft but I can pay that off this weekend and stay out of it and don't intend to buy for 6 months.

I have never defaulted on any payments or anything like that. My only debts are student loans and previously a car loan which I paid off 2/3 years ago.

I'm married and have been for 7 years, my wife has a very bad credit rating - as in I should use swear words to describe her stupidity as a teenager and student. Anyway, she works but it is a freelance on and off thing so even if her credit was good we would probably just apply in my name anyway.

We aren't linked via credit, bank accounts or anything like that but I guess the marriage certificate links us in some way.:rotfl:

What are my chances (I know, I know piece of string) of getting a mortgage?

My father suggested us getting a divorce.:rotfl:

amnblog

Buying will be less expensive than the divorce.

It may not be as bad as you think.

Get credit reports for both of you, then speak to an experienced broker

kingstreet

When you say "earnings" what do you mean by that?

Basic?
Overtime, bonus, commission?
Self-employed net profit?

Any children?

In whose name is the deposit?

Dave_Ham

Bet your Father is a hoot at Christmas Dinner.

With that deposit, even including your Wife on the application should not necessarily be a deal breaker.

So long as the deposit is yours and not shared, should be straightforward in your name only.

smithandjones1982

Thank you for replying.
Does that mean as a married person I am unable to apply for a mortgage without my spouse's finances being taken into account?

amnblog

Dave_Ham wrote: »

Bet your Father is a hoot at Christmas Dinner.

Nice one Dave

smithandjones1982

kingstreet wrote: »

When you say "earnings" what do you mean by that?

Basic?
Overtime, bonus, commission?
Self-employed net profit?

Any children?

In whose name is the deposit?

Those are my basic earnings. I don't have any other bonus, commissions etc.

smithandjones1982

Dave_Ham wrote: »

Bet your Father is a hoot at Christmas Dinner.

With that deposit, even including your Wife on the application should not necessarily be a deal breaker.

So long as the deposit is yours and not shared, should be straightforward in your name only.

It is all my deposit - well £19k of it comes from my parents and will only go into my account. The rest is my limited savings.

kingstreet

Ok. So we have a £33k basic and a deposit in your sole name.

I'm going for the mortgage and purchase in your sole name then.

Should be reasonably straightforward, unless there's something you aren't telling us.

smithandjones1982

Is it possible for me to apply for the mortgage and not include her in anyway? She isn't bothered about it - she is going to concentrate on sorting out her finances and I want to concentrate on this.

We would save £500ish per month compared to renting.

smithandjones1982

kingstreet wrote: »

Ok. So we have a £33k basic and a deposit in your sole name.

I'm going for the mortgage and purchase in your sole name then.

Should be reasonably straightforward, unless there's something you aren't telling us.

Thanks that is good news. Nope that is pretty much it.
I have a car through a work scheme where they take it out before it hits your bank account. I'm not sure if I apply with my wage before that is taken out or not? My wage is £34.870 before the car payment is taken out. The only things that come out my account monthly are rent, bills and my excessive love of takeaway which is being nipped in the bud for project overdraft.

So I should just apply on my own then? Good to hear, that was our plan but I'd heard of people doing that and half way through the application the lender requiring more info about a spouse.