Please let there be a solution

jo.anne

Hi
Hopefully someone can point me in the right direction on how to go about adding my husband to my mortgage.
Recently married and looking into moving next year. Unfortunately I have bad credit history and would be unable to get a mortgage but my husband as not past credit problems. Ideally we wanted to use the profit from sale of my house as a deposit but the bank will not use that as a deposit for husband as he not on the mortgage. So we looked into putting him on the mortgage and was advised it would cost to do this (not a problem) and then when we decide to move next year we will be charged again. So is this the only route we could take or is there any other way? Any help greatly appreciated

libf

Engage a broker when you want to move next year. If your credit history is very bad, then find one who deal with adverse credit and be prepared to pay higher than high street rates.

kingstreet

jo.anne wrote: »

Hopefully someone can point me in the right direction on how to go about adding my husband to my mortgage.

Why? What will this do for you, other than cost money?

Recently married and looking into moving next year

So leave it all until next year.

Unfortunately I have bad credit history and would be unable to get a mortgage but my husband as not past credit problems

So, speak to a broker about your options now before you do anything else.

Ideally we wanted to use the profit from sale of my house as a deposit but the bank will not use that as a deposit for husband as he not on the mortgage. So we looked into putting him on the mortgage and was advised it would cost to do this (not a problem) and then when we decide to move next year we will be charged again. So is this the only route we could take or is there any other way? Any help greatly appreciated

Ignore what "the bank" says and instruct an independent mortgage broker to advise you properly.

SMGee

Any profit you make from the sale of your house can be used as a deposit for a house purchase in yours and your husbands name. I don't see why it wouldn't.

If you just plan to purchase in your husbands name, I would think that a deposit from you, his wife, would also be acceptable in much the same way as parents can lend their children money for home purchases.

I would however suggest you get a deed of trust to ensure your deposit is protected should you part ways further down the line.

Thrugelmir

SMGee wrote: »

If you just plan to purchase in your husbands name, I would think that a deposit from you, his wife, would also be acceptable in much the same way as parents can lend their children money for home purchases.

Adds complexity should the lender wish to repossess the property. As the individual not named on the mortgage has a financial interest in the property. As a result different situation to a third party gifting the money.

Keely_lewis

I have a similar situation. Just my name was on the deeds of the house we are selling , I bought it before I was married and never changed the deeds over to joint names , and due to illness and change in work the house we are buying is just going to be in my husbands name. I have written a letter re the gifting the deposit and that has been accepted but we used a broker who knew what company would accept this. Wait until you move and pay a broker to do the ground work for you. We did have to lay a higher rate though as many lenders were not happy with the gifting situation .