Deposit - declaration of trust

sea_eyre

Thank you in advance for any advice you can offer!

My husband and I are first time buyers. The mortgage is in his name because although I work full time I have been self employed since April and cannot be added until I have a year's accounts. However, the deposit money is mine. Originally we were told that it would be ok for the mortgage to be in my husband's name and a 'declaration of trust' would cover my investment. Today the lender has decided they are not happy with this.

I'm unsure what to do. It seems crazy that they are being difficult when the money is all there ready to go. If I am added to the mortgage the amount of money they will lend falls and the purchase will fall through.

Can anyone offer any advice as to ways around this?

anotheruser

You're married and still have the "my money your money" ethos?
Forget about the "declaration of trust" and when you have a years worth of accounts, just get yourself added to the mortgage surely?

Senior_Paper_Monitor

You can go on the mortgage (and title) - but income doesn't count. Problem solved.

kingstreet

I agree. A joint mortgage and purchase would be the solution.

You won't get your income taken into account, but as that doesn't appear to be needed, it makes no difference.

sea_eyre

Thank you for the advice. I'm hoping the mortgage broker will come back and say I can be added to the mortgage in name without it effecting the amount we can borrow.

The 'my money is my money' thing is a lovely concept and I wish the world worked like that but I am a realist and nobody can predict the future...

Thrugelmir

sea_eyre wrote: »

The 'my money is my money' thing is a lovely concept and I wish the world worked like that but I am a realist and nobody can predict the future...

The lender is merely protecting it's own interests. There are significant potential issues with you supplying the deposit but not being named on the mortgage.

anotheruser

Plus, it is a wonderful concept and one that works for my partner and I, as well as millions of other people. It works for more people than it does not work for people.

I've known [my partner] for 6+ years, dating for well over a year before deciding to have a joint account. She puts more in the joint account than I do. Sounds like you don't fully trust your partner with everything you have. I know many people get done over by others stealing money and such but in this case, you're willing to buy a house with the person....

Dave_Ham

We often tell people on here to seek out a mortgage broker, you do and get a stupid situation that could have been avoided. There is no blame at you there, just the broker.

This was always going to be an issue and your broker deserves to sort this quickly for you.

Who is the lender?

How tight were you on sole affordability, as some lenders factor down the multiples on joint with applicant 2 no income.

You should never have got this far with this plan, Estate Agents broker or in branch advisor??