Sole application from married couple

Mrsbear

Thanks MtgSavvy.

That's interesting.

I'm probably more confused now than when I first posted but I will find a broker and discuss with them.

It seems that it is possible to make a sole application but I need to understand all the risks before making a decision.

Typhoon2000

There must be hundreds and thousand of couples with joint mortgages where only one partner earns Don't see a problem.

Mrsbear

I agree typhoon but my husband is 13 years older than me therefore potentially considerably reduces the period I can borrow over compared to a sole application.

bluep

Mrs Bear - similar to my situation - husband is 12 years older and doesn't earn as much. Had a huge issue with getting a joint mortgage with his income as zero (so we didn't have to go into potential retirement projections for him or shorten out term to much less). HSBC would lend to just me on the term I wanted but was at a much worse rate than Yorkshire. Yorkshire would only consider a joint application but will lend up to 75 so we compromised, provided what pension info we could and have applied for a joint mortgage with them. Ironically, they'd all lend me the total amount based on my salary and working life left, but it would have been simpler if he'd been a househusband!

Mrsbear

Thanks bluep

My problem is that hubby will need to get a job when we move but the logistics of doing so when making a big move scare me and I don't want to get off the property ladder for long in a rising market.

Thrugelmir

Mrsbear wrote: »

It seems that it is possible to make a sole application but I need to understand all the risks before making a decision.

Under the incoming guidelines of affordability. Your husband will be considered as financially dependent unless you prove to the contrary.

While there are legitimate reasons for partners not being included on the mortgage. The vast majority of mortgages will be in joint names.

Mrsbear

Thanks Thrugelmir.

That's what I'm afraid of. I can afford what we're after on my own but if hubby is classed as dependant it might be a problem.

Do you know how the April changes might affect that?

Also, what is classed as 'legitimate reasons' for partners not being included on a mortgage.

kingstreet

This thread has some parallels, just in case you haven't seen it;-

https://forums.moneysavingexpert.com/discussion/4882843

Mtg_savvy

When i applied to Hsbc they did ask why my wife was not on the mortgage with me, I was honest and upfront, I did think at that point it was make or break whether I'd get the re-mortgage I wanted, fortunately it worked out fine. I do keep on top of my finances so I think that may have gone some way to helping the decision, I understand what members have said about new rules coming into play in April but I can't see that the checks will be much more different to now, I did get a serious grilling from Hsbc, it was worse than any job interview I've been to.

kingstreet

Mtg_savvy wrote: »

When i applied to Hsbc they did ask why my wife was not on the mortgage with me, I was honest and upfront, I did think at that point it was make or break whether I'd get the re-mortgage I wanted, fortunately it worked out fine. I do keep on top of my finances so I think that may have gone some way to helping the decision, I understand what members have said about new rules coming into play in April but I can't see that the checks will be much more different to now, I did get a serious grilling from Hsbc, it was worse than any job interview I've been to.

What you are not aware of, as the OP started a new thread, is that in a previous thread she disclosed that the money from the deposit is not solely in her name and this will create a problem with any lender.

They do not like the deposit coming from someone who will live in the property who is not party to the mortgage, nor the ownership.