Going from joint to single mortgage (but still with husband)

mamabunit

Me and my then boyfriend, now husband got a mortgage together back in 2011. This week I had a massive blow when I realised a credit card debt had got hugely out of hand and I have a fresh default on my credit report. We're half way through selling our current home and buying a new one.

After chatting to our IFA he thought we should at least try to get a mortgage together, which we did but it hasn't been accepted.


Is it possible for my husband to get a single mortgage himself now even though our current one is joint? We can't speak to the IFA again until Tuesday so really trying to figure it out before then so I don't spend the next 2 days feeling incredibly stressed.


Thanks!

amnblog

Your husband can get a mortgage on his own depending on the lender, and subject to a few other complications.

Equally, just because you have been declined by one lender it does not mean you cannot obtain a mortgage elsewhere.

Your current adviser should be able to sort this if they have at least some experience.

Thrugelmir

mamabunit wrote: »

This week I had a massive blow when I realised a credit card debt had got hugely out of hand and I have a fresh default on my credit report.

Is this the only issue impacting the mortgage application though. Doesn't sound as if the household finances are under control.

Wh05apk

As the deposit is coming from the equity in a property held in joint names, you will have a financial claim over the new property, because of this, most lenders will not allow you not to be named on the mortgage.


Potentially there may be lenders who will accept you, the rate will be higher, but your broker should help find these.

mamabunit

Wh05apk wrote: »

As the deposit is coming from the equity in a property held in joint names, you will have a financial claim over the new property, because of this, most lenders will not allow you not to be named on the mortgage.


Potentially there may be lenders who will accept you, the rate will be higher, but your broker should help find these.

Thanks for this, our broker said it should be 'relatively easy' - I guess all will be revealed tomorrow. Do you know if it'll help that my husband/we're looking for a 60% LTV mortgage? I've heard that's quite good?