Sole vs joint application

amr547

Hi
Scenario is my other half has 4 defaults on file registered between August and December 2011. Appreciate this may be difficult to place even with a broker. We would like to get out of rented accommodation soon. I am now looking at whether sole application would be possible (I am the main earner and will provide the deposit). Would be looking to apply in about four to six months time. My credit file is clean, currently have just under £3k outstanding on car finance which I know will be taken into account when considering affordability.

My main queries are -
How would my partner affect the application if I was to apply as a sole applicant, if at all? We live together at the moment and obviously would do in the future.
Is it possible to add my partner later on ie. When the defaults have dropped off in 2017?
Anything else that needs to be considered??

Just weighing up pros and cons right now. I'll have a 10% deposit which I am led to believe may not be enough if we applied jointly, because of the adverse?

If neither is an option I guess will have to carry on saving!

Thanks in advance :j

Beckyy

You can add your partner on providing the mortgage company are happy to at the time, you will incur conveyancing charges to add her name onto the deeds though. Do you have any joint bank accounts currently?

The only thing to consider for the future is that you could essentially be giving your partner a large lump of house and equity which you have put up yourself. Obviously isn't always an issue but something to make sure you're happy with.

amnblog

You can apply alone and more your partner in.

Lender are comfortable with this provided your are not married. If you are they are more restrictive.

You can add him later subject to underwriting which will incur additional costs.

Applying with him now will be a problem with nearly all lenders due to his credit history. There are lending options that will ignore his history if the mortgage can be supported on your income alone.

amr547

Thanks both, we aren't married and don't have joint accounts :-)

So it is possible to have his name on deeds without being on the mortgage app? if i opted for eg a three year fix, could I remortgage at the end of that term to add him on?

Contemptuous

amr547 wrote: »

So it is possible to have his name on deeds without being on the mortgage app? if i opted for eg a three year fix, could I remortgage at the end of that term to add him on?

1. No. He would need to be on the mortgage to be on the deeds to the house.

2. Yes. You could either remortgage with a new lender, or do a Transfer of Equity with your current lender. Either will allow you to then have a joint mortgage, and a solicitor will put the deeds into joint names.

amr547

Thank you, that's great :-)