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Single application, spouse bankrupt

The_Real_Cheddar_Bob
The_Real_Cheddar_Bob Posts: 542 Forumite
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edited 30 July 2016 at 12:23AM in Mortgages & endowments
Hello,



Any advice welcome.

Thanks
«1

Comments

  • ACG
    ACG Posts: 24,682 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    No chance.

    Your bankruptcy will always get picked up and most lenders will ask if you have EVER been bankrupt.

    If you can up your deposit to 15% you MAY be able to get it through in joint names now, but its worth speaking to a broker with some experience in adverse as it will be far from straightforward.
    I am a Mortgage Adviser
    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.
  • The_Real_Cheddar_Bob
    The_Real_Cheddar_Bob Posts: 542 Forumite
    Seventh Anniversary 500 Posts Name Dropper Photogenic
    Just to confirm,

    Mortgage in my wifes name only. Can she use my income?

    Increasing the deposit size is no issue. Just take an extra month or so.
  • gunsandbanjos
    gunsandbanjos Posts: 12,246 Forumite
    PPI Party Pooper
    rjwr wrote: »
    Just to confirm,

    Mortgage in my wifes name only. Can she use my income?

    Increasing the deposit size is no issue. Just take an extra month or so.

    No she can't use your income.
    The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt.
    Bertrand Russell
  • shortchanged_2
    shortchanged_2 Posts: 5,546 Forumite
    rjwr wrote: »
    Just to confirm,

    Mortgage in my wifes name only. Can she use my income?

    Increasing the deposit size is no issue. Just take an extra month or so.

    I don't see how she can apply on your income. Your income is yours and hers is hers. She would need to use her income if she is applying for the mortgage in her name only.
    Why are we here?......................because we are not all there.
  • The_Real_Cheddar_Bob
    The_Real_Cheddar_Bob Posts: 542 Forumite
    Seventh Anniversary 500 Posts Name Dropper Photogenic
    Thank you for the response.

    Its what I expected but wanted to confirm. Not sure how my ex busines partner has done this, I will check with him.
  • The_Real_Cheddar_Bob
    The_Real_Cheddar_Bob Posts: 542 Forumite
    Seventh Anniversary 500 Posts Name Dropper Photogenic
    shortchanged wrote: »
    I don't see how she can apply on your income. Your income is yours and hers is hers. She would need to use her income if she is applying for the mortgage in her name only.

    Same way a housewife applies for credit elswhere. Eg PCP on her car using my income.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    rjwr wrote: »
    Mortgage in my wifes name only. Can she use my income?

    It's not hers to use. You are not party to the application. So lenders would have no ability nor authority to verify the information.
  • The_Real_Cheddar_Bob
    The_Real_Cheddar_Bob Posts: 542 Forumite
    Seventh Anniversary 500 Posts Name Dropper Photogenic
    What about a guarantor mortgage? In laws happy to help.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    rjwr wrote: »
    What about a guarantor mortgage? In laws happy to help.

    Very few lenders now offer this route. Your in laws in themselves would be open to a thorough financial scrutiny.
  • The_Real_Cheddar_Bob
    The_Real_Cheddar_Bob Posts: 542 Forumite
    Seventh Anniversary 500 Posts Name Dropper Photogenic
    Thanks for your advice folks. It is what it is.
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