Sole Mortgage Quandry

flowerpot87

Hi all,

Like many of the posters on here, my partner and I are trying to get a mortgage to get our dream home.

After much searching, we found the ideal property last week; we went in with an offer of £184,000 and are looking at a mortgage for 172,000. Between the two of we earn just over 60,000 a year, and my partner has perfect credit rating.

My credit rating is another story; I had a bit of a tough time in my early 20's and as a result have two CCJ's and numerous defaults from around 4 years ago. We went to see a mortgage broker who was confident he could help and even he couldn't magic up a mortgage with my name on it.

The twist in the tale is; that for the last 13 months, all of my wages have been paid directly into my partner's bank account. We received an agreement in principle solely in my partners name (with his as main salary and mine as additional income). I heard it would be possible for my income to be counted as additional as it has been paid into his account for over 12 months and I can produce a notarised letter of financial support.

Can someone tell me if this may be a viable solution before we lose out on our dream house?

ACG

I dont know the answer but I would be VERY surprised it it could.

How old are the CCJs?
If theyre over 36 months, everything else being ok there will be a lender for this in joint names.

kingstreet

flowerpot87 wrote: »

I heard it would be possible for my income to be counted as additional as it has been paid into his account for over 12 months and I can produce a notarised letter of financial support

If you are not party to the mortgage, your income cannot be taken into account. What bank account it's paid into is irrelevant.

Who told you this?

Thrugelmir

When where the CCJ's and defaults settled?

Why do you not have a bank account in your own name?

ethank

You cannot use your income if you are not party to the mortgage.

flowerpot87

Thanks for the information- it did stop me from wasting money on notary fees.

The CCJ's are from 5 and 3 years ago- one relates to an unpaid phone bill from 2008, the other was over tuition fees for a course I undertook but did not complete due to ill health.

I do have a bank account in my own name, but I don't want to fall back into old habit which is why all my wages and bills come out of my partner's account, to ensure they are settled on time.

Luckily, having spoken with my adviser, certain lenders have said they would be happy to give me a mortgage in the near future subject to no more defaults. My Dad has agreed to go on the mortgage with my partner for the foreseeable future.

Thanks for the help all!

ACG

If the most recent default is over 36 months old there are lenders who would look to do it today.

If your broker is saying nothing can be done at the minute, I would find a different broker.