Can we get a mortgage?

miss_clarabelle

Hi Everyone,
I need some advice. Please be gentle with me. My husband and I would like to buy a house with a mortgage, but I'm not sure how we would go about getting one.


This is us...
-Husband earns £31,000 gross with no debts, no credit cards and a good credit rating. He had an IVA for 4 years and that ended almost a year ago.
-I am a housewife with no income, no debts, a good credit rating. I use my credit card a lot (it's normally £1000ish) and pay it off in full every month (just to get vouchers), but I've decided to stop doing this. I have always been excellent with money.
-We have one dependent.
-Since we married we had a six month separation where we didn't live together and I received Income Support. We didn't live together for this time and I have no idea if this will make a difference.
-We currently own a property outright. It's in my name and was bought by my mother. When we move we will repay the money she lent us and have £40,000+ for a deposit.


We want to get the largest mortgage available to us because the nice areas around here will require us to do so. Repaying a larger mortgage won't be a problem because when my husband had his IVA 50% of his monthly earnings went towards that and since we he finished that we have used the extra money to do up the current house. We haven't absorbed the extra money into our lifestyle so paying out as a mortgage won't be a problem.


We want to buy a house in both of our names because we want to jointly own it, but when I look online I seem to be a hindrance to the mortgage calculators. As the deposit is coming from a property in my name only I'm thinking that it wouldn't exactly work as a deposit for a mortgage in his name. Plus we want to both be owners of the new property, rather than just his name on the deeds.


Please can you tell me how to approach getting a mortgage. We can afford it and are in a good position to have one. This is our first mortgage and we want to approach it the right way. Is it better for him to get a mortgage without me? Will the bank let us put both names on the deeds if he has a mortgage for his name?


Please help me work out how we can achieve our dream....

Thrugelmir

If you are not on the mortgage then you cannot be named on the mortgage.

Sounds as if affordability is an issue if you are trying to avoid being named on the mortgage.

miss_clarabelle

Hi Thrugelmir, I think maybe you've misread my post? I do want a mortgage and I want to be named on it.

I know I can't have a mortgage without being named on it. That kind of speaks for itself. I asked about being named on deeds only if my £0 personal income means I can't be part of a joint mortgage.

Affordability isn't an issue, as I stated. I am a stay-at-home mother to our child because we have enough of an income to do that. I also have £40,000 to put towards a house and my husband is well prepared to make mortgage repayments.

Two people earning £15,000 and £16,000 can get a joint mortgage. Can one person earning £32,000 and his stay-at-home wife not get a joint mortgage with a £40,000 deposit?

Contemptuous

miss_clarabelle wrote: »

Hi Thrugelmir, I think maybe you've misread my post? I do want a mortgage and I want to be named on it.

I know I can't have a mortgage without being named on it. That kind of speaks for itself. I asked about being named on deeds only if my £0 personal income means I can't be part of a joint mortgage.

Affordability isn't an issue, as I stated. I am a stay-at-home mother to our child because we have enough of an income to do that. I also have £40,000 to put towards a house and my husband is well prepared to make mortgage repayments.

Two people earning £15,000 and £16,000 can get a joint mortgage. Can one person earning £32,000 and his stay-at-home wife not get a joint mortgage with a £40,000 deposit?

Depends how much you want to borrow?

miss_clarabelle

Contemptuous wrote: »

Depends how much you want to borrow?

As much as we can get.


I guess my original question is "Joint mortgage with one income, how does this work?"

FTBHELP_2

Afternoon please help as we are in a major panic, partner and I have visited Natwest for our Mortgage application which all seemed to be going well and affordability boxes were all ticked. However once the advisor submitted the application it has come back with please refer �� !!!

Arrived home and after thinking what can it be looked into info online and have come across pay day loans affecting application ! Last year I personnally took out pay day loans to increase my credit score (which it did) as I was advised to do so. But all websites are saying no lenders will lend ?

What do we do now ?? Please some sound advice

Thrugelmir

miss_clarabelle wrote: »

As much as we can get.


I guess my original question is "Joint mortgage with one income, how does this work?"

A lender will base affordability on one income supporting two people.

jamesd

It's a shame that you're planning to stop the credit card use, that would have been improving your credit score. No problem for one person in a couple to provide the deposit and the other the ongoing income, it's normal for couples to pool assets in this way. The recently ended IVA is likely to be the most major issue, a broker might comment on waiting until after a year has passed will be a good idea.

tonyranks

check a broker, they can well best fit you according to your circumstances
iva needs to be well clear from the credit file to get a descent interest.....

but you can get a mortgage, its not impossible
i waited till i built up history after everything leaving the file, it worked a dream

amnblog

You need to get some sensible advice on this.


You have the equity but no income, your husband the income but poor credit.


Engage an independent mortgage broker as only a specialist lender can assist at this time and they are accessed through brokers.

jamesd

amnblog, would you be kind enough to confirm that your firm only does business with doctors who are seeking a mortgage and not anyone else? That iis, please confirm that the claim that We deal exclusively with Mortgages for Doctors is true and not a misleading financial promotion. It appears from the site that the claim is not true so alternatively, please let me know when the page has been modified so that it no longer makes the false claim.

Please also confirm that the business had contact with barristers seeking mortgages on all 365 days in the past twelve months, more if they were not evenly distributed at a rate of one each day. That is, please confirm that the claim "We deal with Barristers every day Fortunately, we deal with barristers every day" is true. Alternatively, please tell me when it is replaced by an accurate statement.