We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Single or joint mortgage application?

Options
walgi
walgi Posts: 22 Forumite
in Mortgages & endowments
Hey everyone!

Me and my wife are finally ready to purchase a house!

My credit score is bad, but my wife's is good.

Is it better to have the mortgage in her name? Help please :)
Mo' money mo' problems...indeed:money:

Comments

  • ska_lover
    ska_lover Posts: 3,773 Forumite
    1,000 Posts Combo Breaker
    In terms of security for yourself, should you split - maybe not? As there would be no paper trail linking you to the house?
    The opposite of what you know...is also true
  • kingstreet
    kingstreet Posts: 39,253 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Who is providing the deposit?

    Can she afford the mortgage on her sole income?

    What are your credit issues?

    Your "score" is a worthless piece of marketing spin concocted by the credit reference agencies to make money.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • walgi
    walgi Posts: 22 Forumite
    We will both be chipping in for the deposit. We are both in full time employment, decent incomes, and can afford the mortgage.

    My credit issues are from 2-3 years ago during my student life (electricity bills, students accounts in overdraft set as defaults on my credit file etc).
    Mo' money mo' problems...indeed:money:
  • kingstreet
    kingstreet Posts: 39,253 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Obtain all three versions of your credit file and put them in front of a whole market broker.

    Deposit coming from someone living in the property who will not be party to the mortgage and ownership will be an issue for some lenders; as will a sole application from a married couple.

    If you are not party to the mortgage nor ownership, your income is ignored. Can SHE afford the amount you wish to borrow ALONE?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • walgi
    walgi Posts: 22 Forumite
    By all 3 versions what do you mean?

    Deposit - I'll transfer the ££ into her account so she can put the deposit down herself (we aren't married according to UK laws).

    She's currently on £70,000 looking to get a £250k mortgage with a £35k deposit.
    Mo' money mo' problems...indeed:money:
  • kingstreet
    kingstreet Posts: 39,253 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The data held by the three credit reference agencies, Call Credit, Equifax and Experian is often different so all three versions of your credit file are needed so a full picture is visible.

    She may be asked to provide an audit trail of the deposit source and would be asked to explain deposits from you.

    I can't tell what she could borrow because I have no idea of her outgoings. Discuss this with your broker and establish what is possible.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • walgi
    walgi Posts: 22 Forumite
    I appreciate all your advice :)
    Mo' money mo' problems...indeed:money:
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture