Help much appreciated, married but require sole mortgage

sophiedophiedoo

Hello,

Any help would be very much appreciated as me and my husband are at our wits end.

Our situation is as follows. My husband works and has an excellent credit rating whereas I have an awful credit rating (according to noddle only 2/5 and I have had a DRO previously) and am a full time stay at home mum so am not bringing in any money.

We assumed our only option for a mortgage would be for my husband to get one on his own. I am fine with this and we are desperate to get out of rented accommodation.

However, the difficulty is this. We have money for a 15% deposit but it is from an inheritance left to me from my granddad, so nothing to do with my husband. According to a couple of brokers we have spoken to this is going to be a major problem, as because the deposit is coming from me the mortgage companies will want me to be on the mortgage as well, but obviously this is not possible as my credit rating is so bad.

It seems like a Catch 22 situation, and we are so down about it, feels like however much money we manage to save, we are going to be trapped in our (far too small) rented house forever!

P.S. My father in law has offered to gift my husband (his son) the deposit amount instead, would this be a better idea? that way none of my money would be invested in the house. Not ideal though as we always intended my inheritance to be used as a deposit and it seems silly to have to be gifted the £ from my father in law when my husband already has it sitting in his savings account!

P.P.S I am more than happy to sign anything the lender needs me to in order to state that I relinquish all rights to the property

Thanks in advance everyone, any advice would be very much appreciated!

Sophie :-)

AnnaLMLH

i was told that if your married both partys need to be on the mortgage could be wrong though

ACG

When did your DRO finish?

sophiedophiedoo

Hi,

Thanks for the replies, my dro was discharged Sept 2010, still showing on my credit report. Hoping it will fall off soon though, think it's 5 yrs after date of discharge....

ACG

Find a broker with some experience in adverse and you may find some options.

Lovem

I am a stay at home mom also. I had no choice to sign as we are married ( it seemed that way with all lenders that we looked at) My father in law gave us a deposit all we needed was a letter from him saying it was a gift that is not to be repaid and passport scan.

carlos13

whoever told you this is talking out there backside

i am in exactly the same situation as you and have had full application accepted by halifax (waiting offer)

My Mrs (stay at home mum) has no credit rating and holds the deposit (20%)

All halifax require is a letter stating its a gift and is not expecting it back.

some things to look out for though... not doing it jointly means any benefits (tax credits child benefit) being paid to your account will not be calculated as earnings even if he is on the letter.

In my case this cost me £3000 per annum as tax credits had to be paid to her (on DWP insistance) and child benefit to me (i filled out this form)

Luckily my wage and child benefit was just enough to get the amount i requested

Also if you have a joint account or share any credit jointly, you will be affiliated with him and this could affect his application if your score is that bad.

Hope this helps and good luck

ACG

carlos13 wrote: »

whoever told you this is talking out there backside

i am in exactly the same situation as you and have had full application accepted by halifax (waiting offer)

My Mrs (stay at home mum) has no credit rating and holds the deposit (20%)

All halifax require is a letter stating its a gift and is not expecting it back.

some things to look out for though... not doing it jointly means any benefits (tax credits child benefit) being paid to your account will not be calculated as earnings even if he is on the letter.

In my case this cost me £3000 per annum as tax credits had to be paid to her (on DWP insistance) and child benefit to me (i filled out this form)

Luckily my wage and child benefit was just enough to get the amount i requested

Also if you have a joint account or share any credit jointly, you will be affiliated with him and this could affect his application if your score is that bad.

Hope this helps and good luck

That sounds far from exactly the same situation to me...

saverram

Hi ,


Me and my husband were married and I am the only person on the mortgage. The deposit of 10% was a gift from my husband brother.


My husband has to get a letter from the solicitor that he is not interested in the house and the amount given to me was gift. That was the only requirement from the HSBC bank. This was in Nov 2013.


Hope it helps.
Best wishes

carlos13

prior to application its not far off

ACG

- Size of deposit
- Bad credit vs no credit (very important when it comes to financial associations)

Quite important factors.

To say someone is talking out of their backside is a little on the strong side when your knowledge is clearly lacking - this being a prime example. Why are you asking what their experian score is? If you knew what you were talking about you would know that is not worth the paper its printed on.