Sole Mortgage, but partner has deposit

kingstreet

So your credit record is so bad you can't be party to an application to Precise?

I'm sorry, I have nothing else to suggest. I don't know if one of the others who deals with adverse will be able to chip in...

glasgowgirl80

I have just done almost exactly what you are proposing. People on here were a little negative and also implied I was trying to 'circumnavigate' the rules as they have with you (which I wasn't and you arn't - there is no 'rule' about this) but I can tell you what I did.

I am married and have just bought our house (moved in last week) with a mortgage in only my name while most of the deposit came from my husband. It did restrict who would lend to us (I was also doing help to buy which restricted things even more!) but Woolwich and Halifax were both fine with the situation. I went with Halifax as Woolwich took into account my pension contributions for affordability and it was a bit tight. My husband prepared a 'gifted deposit' letter for my broker, but Halifax never asked to see it. He also had to sign a Matrimonial Consent form at my solicitors which just stated he consented to the mortgage. Halifax knew where the deposit came from and that my husband would be living in the house and it was our matrimonial home and there were no issues. He did have to provide statements to my solicitor showing where the depsoit had come from (savings), but that was it.

Nobody (in real life) at any point saw an issue with what we were doing and it was all treated as a perfectly normal transaction. The only difference in our case is that my husband has an excellent credit report so the reason we did a sole mortgage was nothing to do with that.

You will need a will, mortgage protection and life cover so that your partner is not left homeless in the event of your death though. People assume that property would automatically go to a spouse/CP but this isn't strictly the case. Good luck.

Rollinghills

My husband applied in sole name. I gifted 70% of the deposit. Nationwide did not query this and we have now exchanged, completing next week. Speak to your broker, there should be a solution. A joint application may be difficult with your partners credit history and also age that will limit the term of the mortgage and therefore negatively impact on affordability.