Mortgage in DH name only

Piglet36

Hi
Our situation is strange. I got seriously ill and had to travel from scotland to London to see the only specialist in the country. I also had to give up my job. I have a debit of 36K now because of this and also had to give my job. Also as only just recovered had 2 missed payments this yr. I now have a part time job paying only 6.5K as opposed to my previous 34K job. But I'm healthy and happy.

We have sold our old home and have 193K equity when it settles end of next month. We are in scotland so it is a done deal after the missives.

We plan to settle all my debts and use 100K as equity in a new property valued at 380K but purchased for 402K so a mortgage of 302K, which will have a mortgage solely in DH name. He has great 920 Credit rating, only a 12K car loan to be paid off with some of equity and earns 88K basic and has bonus of 30K or more each every yr been with his company for 5yrs.

He has through a broker got a mortgage in principle. I just am a worry wart and worry that my bad credit rating may cause problems with get the actual mortgage. He is on none of my debts as they are all my own.

So please can anyone reassure me i'm worrying for no reason?
thanks piglet

kingstreet

Do you have or have you had any joint accounts or financial commitments?

In addition, is the deposit in a joint property or in a joint savings account?

Piglet36

In a property with his parents in law and yes old mortgage is in 4 peoples names. We had a joint current account but he came off that recently.

kingstreet

You'll find lenders associating his credit file with yours if you haven't been through the disassociation process and they don't like someone living in the property who is providing some or all of the deposit but is not party to mortgage or ownership.

ACG

With a 25% deposit most adverse can be overcome.

This will most likely be harder to place as a sold mortgage than a joint one.

Also... what does DH stand for?

Mrstickle

DH is darling husband.

ACG

Mrstickle wrote: »

DH is darling husband.

Haha... ok.
I dont think my mrs would ever call me anything even remotely along those lines unless you was being sarcasitic!

kingstreet

No, sickeningly it's acceptable to prefix every relative with the word "darling" or the initial "D".

Not necessary in my view, but !!!!!! do I know...

... no "roll eyes" smiley. :mad:

ACG

If I called my gf darling she would be thinking I had either done something wrong or wanted something. Infact she would probably just laugh at me and wonder why I was being nice/sickly.

I dont think I could call her my darling gf without laughing. Maybe its a southern thing?

Completey off subject though.

Piglet36

Oh sorry its just a joke between me and other half and thought it was normal short hand on forums... maybe not eckkk

The equity is all mine and my husbands 193K but we own a 1/4 each of in laws property and they own a 1/4 of ours but we pay the mortgage. Father in law did this arrangement when I was pregnant

Piglet36

It would not be 25% LTV as value is set at 380K... so more like 80%
DH has been approved in principle doing this alone. He was told by his broker that this was okay to do and to leave me out of mortgage.