Will my bad debt affect applying mortgage if only my wife apply single mortgage?

helloyi621

Hi everyone,

My wife and I are going to buy property very soon. Because I have a very bad credit score(bad debt), so we decided only my wife is going to apply single mortgage. My question is that will bank ask anything information about me when my wife is going to apply mortgage? will my bad debt affect applying mortgage if only my wife apply single mortgage?

Many thanks for answering question.

HappyMJ

Yes they'll ask her if you are going to live in the property. Where did the deposit come from? It'll be hard to convince them this won't be a marital asset on which you can claim half of.

You can be on a joint mortgage even if you have no income at all or your credit score is rubbish you need a broker to help your application.

helloyi621

HappyMJ wrote: »

Yes they'll ask her if you are going to live in the property. Where did the deposit come from? It'll be hard to convince them this won't be a marital asset on which you can claim half of.

You can be on a joint mortgage even if you have no income at all or your credit score is rubbish you need a broker to help your application.

Thanks HappyMJ

I don't understand " this won't be a marital asset on which you can claim half of." Could you explain more detail about it? Many thanks

pookied87

In other words Convince the lenders or her solicitors that if in the event of death or separation that you will not obtain any of her estate or assets.