Sole mortgage but gifted deposit from common law

Meechmouse

Hi there

My partner has applied for a mortgage in his name only I can't go on the mortgage as I have a ccj. The mortgage has been formally offered and valuetion has been completed etc etc. We don't have a mortgage on the home we currently live in but we do have a deed of trust in place when the sale goes through . The purchase price of the new house is £215000 and from my share of the funds from our joint house plus some cash my my savings I will be giving him approx £160000 for the deposit. I have signed that I have no interest in the property but we we'll be getting a deed of trust put in place so that I would get a certain amount from the sale of the new house after the mortgage has been paid off. At the moment the solicitor has notified Halifax about the deposit and we are now waiting for them to confirm if they are happy to proceed. Has anyone been through similar situation? We are worried the mortgage offer may get withdrawn.

Just to add the mortgage was through a broker and she was aware of our situation also Halifax is aware that I will be living in the property and that the deposit is from the proceeds of a joint house sale, they have asked questions why I am not also going to the mortgage and they are aware of my ccj however I don't think they were aware of the money from my savings I did provide my brokers this information but I don't think she has mentioned it due to the majority of the deposit coming from the house sale.

Any advice would be greatly appreciated

Senior_Paper_Monitor

No need to worry if it has all been properly declared - Halifax are one of the very few lenders who should accept this situation

Meechmouse

Thank you I do hope so we are literally at the last hurdle now it would be devastating if the mortgage got withdrawn im all boxes up ready to go ��

Thrugelmir

Meechmouse wrote: »

The purchase price of the new house is £215000 and from my share of the funds from our joint house plus some cash my my savings I will be giving him approx £160000 for the deposit. I have signed that I have no interest in the property but we we'll be getting a deed of trust put in place so that I would get a certain amount from the sale of the new house after the mortgage has been paid off.

Hope that your relationship doesn't flounder then. Potentially leaves you financially exposed.

Out of curiosity the I assume that the CCJ is settled, and if not isn't for a material amount of money.

Meechmouse

Yes it does leave me very exposed however when we brough the house we currently live in we had the exact same scenario where I provided the deposit and he took out the mortgage. We do have 2 children together and we get married in 3 months also and more importantly I do trust him. Hopefully one day I can go on the mortgage with him when this ccj comes off

Meechmouse

Sorry didn't see the other paragraph yes ccj is settled in full

Meechmouse

Anyone else??

ACG

Why can you not get a Mortgage with a CCJ?
I place them all year round, some of them with high street lenders.

Meechmouse

I don't think I met their criterial. We didn't have many lenders that would consider us anyway due to my partner being self employed he only had 1 years of full accounts. My ccj does come off on the 26th of this month and ive had no late payments in over 5 years so im not sure if they would consider adding me if they do have an issue with this deposi?

Senior_Paper_Monitor

You sound easier to place than your partner !

ACG

lol.

This could have been placed all day long in joint names based on what you have said. But in 2 years you can sort it all out then.