Can I apply for shared ownership house without my Husband?

lil_Amz99

Basically his credit is a mess but mine is completely clean.

We have no debts and have just got married and would really like to buy our own home.

I have seen some shared ownership properties nearby which start at 25% and I am hoping I could apply for one on my own and then in a few years when OH credit looks a bit better we can buy something in both names.

The company has sent me a form to complete with them and told me to register on the government scheme website for SO but I have to choose if it is a single or joint application.

I chose single and one of the questions said who else will be living there so listed him and our daughter but a message popped up to say my spouse has to be listed as the joint applicant.

Has anyone else been in this situation? What did you do?

If we HAVE to apply in joint we will never get a mortgage

daisyfrau

Just be careful with shared ownership. It's not as easy to get out of as you might expect. I expect you've already done so, but if not, I suggest you read up on it online especially the cons of SO.

A big issue is not being able to decide what price you want the property to sell for when you're ready to move - some people have ended up trapped in their property after the "independent valuation" valued it much higher than any buyer wanted to pay... I think technically if it doesn't sell after x months they can reduce the price, but I saw a flat up the road from us that didn't sell for over a year despite hundreds of viewings. We live around the corner and there were 8 or 9 viewings every weekend! We viewed it but we could easily have bought a house with garden in a borough with good schools for that price so we went that route. I felt sorry for the vendors, honestly.

But there are loads of other issues, incl having to pay both a mortgage and rent, and yet being financially responsible for all repairs.

It can be right for some people, don't get me wrong, but just be 100% sure you know what you're doing before you sign up for it, and don't say you weren't warned, lol!

[Deleted User]

I could be wrong but check out what happens if your husband can't pay his credit off. I suspect your husbands creditors can make a claim against the house. But check.

lil_Amz99

Why would his creditor be able to claim against my house? He wouldn't be on the mortgage or paperwork.

If my income is not enough alone to take out the required mortgage is there any legal and correct way of including his salary in my yearly income? Ie if we put down it as maintenance or something? Or can I just be honest and say I'm taking out a mortgage alone but have a partner on almost double my salary who will be contributing?

libf

He's either on the mortgage and his income is included, or he's not on the mortgage and you can't include his income and some lenders will consider him your dependant.

Your best bet is talk to the sales advisor for the shared ownership scheme.

HappyMJ

lil_Amz99 wrote: »

Basically his credit is a mess but mine is completely clean.

We have no debts and have just got married and would really like to buy our own home.

I have seen some shared ownership properties nearby which start at 25% and I am hoping I could apply for one on my own and then in a few years when OH credit looks a bit better we can buy something in both names.

The company has sent me a form to complete with them and told me to register on the government scheme website for SO but I have to choose if it is a single or joint application.

I chose single and one of the questions said who else will be living there so listed him and our daughter but a message popped up to say my spouse has to be listed as the joint applicant.

Has anyone else been in this situation? What did you do?

If we HAVE to apply in joint we will never get a mortgage

lil_Amz99 wrote: »

Why would his creditor be able to claim against my house? He wouldn't be on the mortgage or paperwork.

If my income is not enough alone to take out the required mortgage is there any legal and correct way of including his salary in my yearly income? Ie if we put down it as maintenance or something? Or can I just be honest and say I'm taking out a mortgage alone but have a partner on almost double my salary who will be contributing?

How messed up is his credit? You said you have no debts and I'm assuming you've got savings. A few defaults from years ago can be accepted by some lenders. Late payments can be accepted if they're more than 1 year old. You need the help of a broker.

You can buy a home on your own using only your own income. If you need to use your husbands income to secure the amount you want to borrow then he'll need to be on the mortgage.