Help with credit card dept and mortgage application

deano3

Hi,

Im wanting to apply for a mortgage, i would be the only applicant. I have a few thousand on a credit card in my name which would restrict the amount i could borrow. If the balance of the credit card was transferred to my wifes name would i not have to declare this on the application as an outgoing?

amnblog

How will this transfer happen?

Who's debt with it then be Deano?

deano3

Wife applys for credit card in her name (its as much her dept anyway) and a balance transfer takes place shifting the dept to her(new) card in her name. Leaving me without the credit card dept in my name. The idea is i can then apply for mortgage on my own without dept.

amnblog

Never heard of a balance transfer from someone else's card to your own.

Can this be done?

CRISPIANNE3

amnblog wrote: »

Never heard of a balance transfer from someone else's card to your own.

Can this be done?

Of course it can be. At the moment its only the long credit card thats important.

deano3

amnblog wrote: »

Never heard of a balance transfer from someone else's card to your own.

Can this be done?

You have me thinking now, but im sure ive done it before.

Could anyone confirm?

Say i can do it, and dept not in my name can i make a mortgage application debt free?

amnblog

Not something that I would want my clients doing. The servicing of this debt must still impact the household budget.

This is why a number of lenders insist that married applicants have both partners on the mortgage.

deano3

amnblog wrote: »

Not something that I would want my clients doing. The servicing of this debt must still impact the household budget.

This is why a number of lenders insist that married applicants have both partners on the mortgage.

The service of the dept wont be an issue, my wife is in employment but has recently started a new job which is the only reason she cant be on the application.

Do you know if Leeds Building Society insist on spouse been on the application?

If not am i good to go?

amnblog

Your wife starting a new job is not an issue, many lenders will want to see her first payslip before they release funds - but that will happen if she has already started.

amnblog

Just for the record Deano.

Leeds do not insist that your spouse is on the application.

If she has moved to a new job and is in a probationary period, this is a problem with Leeds as they won't release funds until that probationary period has ended.

Might be best to use a different lender and include your wife in the application.

Straightforward and no grey areas.

deano3

amnblog wrote: »

Your wife starting a new job is not an issue, many lenders will want to see her first payslip before they release funds - but that will happen if she has already started.

It is to Leeds, perhaps i should have said it is working with agencys initially.

Can anyone confirm if i can make a single application to Leeds (without spouse included) without having to declare creit card balance in wife's name only?

Many Thanks