Single mortgage application with spouse having poor credit history.

Carson1

Hi..wondered if anyone could help me.
My husband and I are in the process of buying a property only due to my bad credit history we decided that he should make a single application. He earns good money and we have a reasonable amount to put down as deposit. a mortgage in principle was agreed initially and since then the application has progressed..he's given all the information needed and a valuer is coming out next week to value the property. This morning he received correspondence from the lender asking for wage slips etc but it also asked him to confirm why his spouse was not being added to the mortgage..would really appreciate any advice on how to play this.. Has anyone else been in this situation ?
Any advice greatly appreciated..

Senior_Paper_Monitor

Should have been addressed prior to application by specifically selecting lender who would be happy with the situation (particularly if joint funds are being used for deposit and/or mortgage payments are coming out of joint account) - hopefully you have selected a lender who will accept the situation .. if you have, no problem - if you haven't, dead in the water.

Tell us the lender and a there are a number of regular contributors who will tell you the likely outcome (and potentially save you some money in valuation etc).

Carson1

Hi..the money for the deposit is in a bank account in my husbands name only as are the funds to pay the mortgage each month..I'm aware that some lenders will not let you make a single application when they know you're married and request that you make a joint application..the lender in question is the Post Office/bank of Ireland...they knew he was married but didn't ask any details..it's only now that they are asking why I am not being added to the mortgage.

mytravelrep06

Hi Carson1

We might be in a similar position, i have a bad credit history so my wife is applying for a mortgage in her details only.

We are making the application with Leeds Building Society and our mortgage advisor said that they accept this.

Out of intrest do you have a joint bank account?
How bad is your credit history? do you have defaults etc.

Thanks

Dave_Ham

2 lenders selected with decent rates and more stringent underwriting.

I fancy both lenders may cause some grief on this so would have a contingency plan.

I think it will come down to individual underwriter, I have certainly seen Leeds cause grief over this on here before.

Good luck

Carson1

Hi..
Yeh my credit history is pretty poor as I had to sign up for a debt management plan..we don't have a joint bank account no..a couple of the lenders we rang around stipulated that if you were married then it had to be a joint application..the lender we've opted for didn't so we thought it would be ok..they didn't ask for any information regarding me..it's only in the most recent correspondence where they have just asked him to confirm why I'm not being added to it...

Dave_Ham

Unfortunately Post Office do not deal with brokers and therefore experience with them on here will be limited (broker wise)

We have had a few clients approach us when Post Office have declined, although not in your circumstances.

If this gets in front of an underwriter, unless you have some elaborate tale they are not likely to like the response. Effectively not putting Spouse on mortgage as not a good credit risk does not read well to an underwriter.

I wish you well, but if they do reject there are mainstream lenders that are not as worried about this.