Can I apply for a mortgage in my name only?

roje

I have an excellent credit rating, but my husband's credit rating is poor. We currently have a joint mortgage on our property with an unblemished payment history, there is only £29k left on the mortgage so after fees we have a good £65k in equity.

We need to move to a larger house, we've tried to put it off over and over again but the situation is becoming more urgent. We have two options:
We can rent out our current house through an agency (continuing to make mortgage payments), and find a new, larger house to rent...this would not really be my choice....or I can try and secure a mortgage in my name only. My husband is happy to sign over the equity in the property to me if need be, but I don't know how easy this would be to achieve?

I am the sole earner (my husband is a full time parent), I have an income of £42k and no other debts. LTV would be around 70%.

Wh05apk

How "poor" is your husbands credit? are you sure he couldn't get a mortgage?


As the deposit is coming from a joint property, your husband would still potentially have a claim over the property, hence lenders would likely not allow this.


I regularly see situations where mortgages have been done in sole names, and they are always messy, I would always try to do jointly where ever possible.

ethank

If your partner is not working, please remember that the lender will take that into account when deciding affordability on the mortgage. Even if you are getting the mortgage in your own name, they will take it into account.

roje

Thanks for the replies.

My husband has a default on his credit rating from 2010, it was only for around £60 to a mobile phone company. He tried to get it removed unsuccessfully (there was a big dispute about it). He has also gone over the limit on his credit card once in the past year, although he always pays it back (he's pretty careless with money, more because he is forgetful than anything, which is why I hold the bank account and control most of the finances).

The reason he isn't working is that he is the stay at home parent, it does not make financial sense for him to work as our childcare costs would be so high that he would be working for nothing (and the household would be under a lot more stress).

Our only other option is to rent but as I have an excellent credit rating and a good income and would be solely responsible for the mortgage, it seems pointless spending out more on rent than I would on a mortgage.

Dave_Ham

Given the default value, would expect this to be achievable now in joint names...

Good luck

Wh05apk

Dave_Ham wrote: »

Given the default value, would expect this to be achievable now in joint names...

Good luck

Agree, see a broker, set out the full circumstances and show them his credit files, this should be relatively straight forward.