Sole application from married couple

Mrsbear

I just wondered if anyone can advise or share experiences on sole mortgage applications from a married couple.

I've read of people who do it because one party has a bad credit rating so I'm guessing it is possible.

We want to move 150 miles from where we currently live and whilst I won't need to change jobs, my husband will. We don't want to step off the property ladder for the time it would take him to find a job and work his probation period so wondered what the options are.

The deposit would come from selling our current house which is only in my husbands name (bought before we met)

Are there any lenders who don't really question the reason for sole applications?

Alternatively, can we make a joint applicantion but show his salary as zero and if so what affect does that have on my borrowing potential?

Mrsbear

Bump- any advice would be greatly appreciated

Dave_Ham

I imagine you did not get many takers as you answered your own question and then the second question is a bit of string one.

Yes you should include him on the application with £0 as otherwise untenable given the deposit source and living details. Then it will assess your income and depending on the lender, will depend how they effect your OH..

Hope this helps a bit, but you are nearly there.

Mrsbear

Thanks Dave. So is it definitely no go with any lender for him to not be included in the application?

It really would help if I could do it alone as my husbands age will reduce the term we qualify for too.

Would any lender consider this or should I just get on with plan b?

throwa

This is exactly our situation. I earn £lots, and my husband earns £little , and is self employed as well. We make sure that his self assessment return shows as low an income as is taxably-legally (is that a word?) compliant, but it does mean we can't really include him on the mortgage paperwork for income purposes.

We have never been challenged about this. He is on the mortgage paperwork as a joint 50% owner of the house, but when it comes to the income question it is just me down as one income, together with my payslips to show evidence of this. It has never affected the amount which I have been asking to borrow either.

Obviously this is just our situation, but hope that it helps you.

Dave_Ham

This is Plan B or no plan, anyone who tells you otherwise is incorrect or taking a huge chance with your money.

Ultimately, you would be telling a solicitor to set up your home sale and purchase together (so you were not left homeless for a bit) and that Husband was providing the entire deposit and the mortgage in your name, but the deposit was a gift and he would have no interest in the property or be living there.

You can see why this would not work as is outside of lending criteria and the solicitor would raise this and likely you would incur cost with no end result.

Mrsbear

Thanks for the replies.

Sorry to keep asking questions but you've been a great help Dave, if we rented for 6 months after selling and before buying so the deposit was in my bank account- would that change anything? (Of course by doing this it might resolve the issue any way as hubby could well get a job and pass the probation in this time anyway)

Dave_Ham

Seriously speak to a broker, as this is life impacting.

There are potentially lenders that would work off of your age and income, but include your Husband at £0 income.

Everything you need can almost certainly be achieved, but only if done correctly.

Good luck

Mtg_savvy

Hi Mrs Bear

I'm surprised nobody who's remortgaged solo though married has come back to you, I've done exactly that twice.

Mtg_savvy

A couple years ago whilst me and my partner went to the Halifax and took out a mortgage in my name only, she had a bad credit history due to her ex husband. We got married in 2011, in 2013 I re-mortgaged by myself with Hsbc, based on my wage only.

Mtg_savvy

Hsbc were fine about it, I think as long as they're comfortable the mortgage can be paid after all commitments have been looked at then it's not a problem.