Married but applying for mortgage alone

glasgowgirl80

I'm wondering if anyone can help, I am married but am trying to buy a property (new build) in only my name using the help to buy scheme. My husband owns a house with his ex girlfriend which has been rented for about 7 years but is now on the market. We couldn't jointly apply for HTB because of his house.

I have been approved for help to buy on my own and now need to find a mortgage. I'm just a bit concerned about how affordability will be calculated given that me and my husband split all our expenses and all outgoings go via our joint account. My wages get paid into my own current account and I transfer most of them to the joint account where bills and savings go from. I have two credit cards with zero balances, no loans, nothing on overdrafts and we rent just now although I owned a property in the past. We do have a car which is leased and is in my name. I am worried that it's going to be difficult to find a mortgage in this situation as lenders will question why I am doing this in my own.

Can anyone help or advise? I'm using a broker but the focus has been on getting htb approval so she hasn't said much about the mortage.

For reference my salary is just under 30K, the house is 150K, htb have approved 19% and I have 6% deposit. Thanks in advance.

Thrugelmir

glasgowgirl80 wrote: »

I have 6% deposit.

The deposit appears to come from joint funds. This will be an issue.

Will selling the other property release equity?

glasgowgirl80

Yes the deposit does come from joint funds. I have around half of it in my ISA (only in my name) and the other half is in my husbands (in his name). Would this be a problem?

The sale of his house will not release any equity for us, all the profit (not that there's much) will go to his ex who paid a significant deposit on the house.

kingstreet

Did you disclose to the HTB Agent that there would be another adult residing in the property who owns another property?

Thrugelmir

glasgowgirl80 wrote: »

Yes the deposit does come from joint funds. I have around half of it in my ISA (only in my name) and the other half is in my husbands (in his name). Would this be a problem?

You cannot pick and choose to apply as sole applicant for the mortgage and then act in a joint capacity. As you wish in an attempt to circumnavigate the lending rules. Would make the rules pointless if people were allowed to. Far easier to dispose of the other property then proceed forward in a straightforward manner on a joint basis.

glasgowgirl80

Yes I have disclosed that I am married and my husband will be living with me. I'm not trying to cover anything up, if anything I would prefer to buy jointly but we were not eligible to apply for HTB jointly. It was my broker and the people selling the house who suggested we do this.

The alternative would be to wait til the other house sells and go for a joint mortgage, but we would still only have the same depsosit. As we are not first time buyers is there any way we would be able to get a 95% mortgage?