Mortgage deposit on spouse name but she is not on application

happymeat

Hi

I need an expert advice on the circumstances I'm in rite now. Basically, I was saving money for the deposit and just in case I don't use them I tend to transfer my savings into my Mrs account. My wife then buys a premium bonds from those savings. Now when we found the property and we thought we can get a mortgage we apply through mortgage adviser/broker who did my AIP. Now when they did my AIP they asked me about my source of deposit and I said it's my money but currently on my wife's name and she will be living with me. They asked she needs to gift you that money, I said ok. So the AIP and application we did were solely on my name, as my Mrs have some outstanding credits such as Car hire and some small outstanding on CC(about £1000 balance transfer) which she is paying monthly.

AIP went through with Skipton and when we filled full application Skipton raised concern saying that your wife can't gift you as she will be going to live with you. Either she has to be on the application or I have to arrange deposit from another source. That was odd as we were cleared from our end when we filled application and mortgage broker was turning out to be stating that they were not aware of their requirement. My Mrs doesn't work anymore so can't add her to the application. After three days has been passed mortgage broker called me saying Skipton is saying if you the deposit money into your bank account then Skipton is happy with that. I confirmed from them that money will be transferred from Mrs account so her name will appear on the transaction and they said Skipton is happy with that as long as it's your money showing in your bank account which is solely in your name and not joint. So my Mrs transfer premium bonds into her account and then transferred the money into my bank account, a statement sent to Skipton and they came back today saying it's still not acceptable, as effectively this will keep her interest in property in case if I didn't manage to keep up the repayments or file bankruptcy!

Now I'm really baffled what should I do as I paid the reservation fees of £1000 which is not refundable, and I paid this after successful AIP as assured by the mortgage broker. Please advise why things turn into so complicated and how I can deal with this now? Can't wife give me a money? We did provide the whole statement of bonds saving to satisfy them but no joy! What should I do I'm really baffled all I'm seeing losing of £1000 as builder only meant to keep hold of my property up to 20th Nov. PLEASE HELP:(

ACG

I did not think Skipton did single applications for married couples?

Broker has messed up by the sounds of it. You need to knock Skipton on the head as I can not see them backing down. You need to find a new lender.

happymeat

According to the mortgage broker, they do! For e.g. if I go to another Lender they might have the same issue? Would I be able to use that money as a deposit at all? or i have to look other arrangments for deposit (dont know how/what I can do that anyway)

ACG

I have just come off the phone to my Skipton bdm (I was on the phone to him about a case I have going through).

They do accept applications in one persons name if married but only in a limited number of scenarios. Those scenarios are all where theoretically you would fit as a joint application. So if you are doing a single application to try and avoid a certain part of their criteria or pass affordability that you would not pass as a joint application they would not do it.

But thats a minor point as the deposit would not be acceptable anyway.

happymeat

Thanks for your reply, I'm sure I will pass through if I put my Mrs outstanding on me as well because I earned quite a good salary, but me and my Mrs never shared finances. However, if I take her on joint application but they won't accept her as she is no longer working, she quit four months ago. I really don't know what to do now. Every penny I saved is legit but seems to transfer saving to my Mrs was a mistake and I won't be able to use this money as deposit on my name.

ACG

They will accept her if that is the only issue, she just has no income to bring to the application.

Thrugelmir

happymeat wrote: »

I'm sure I will pass through if I put my Mrs outstanding on me as well because I earned quite a good salary

Why didn't your broker recommend this route then? Your wife is a financial dependent in any event. So will impact affordability criteria.

happymeat

They've added her in on the mortgage. But it's been a week they like playing ping pong. Keep asking us to sign something. I signed there so call e-declaration three times now.

The impression I got they are the worst and I'm thinking of pulling out from the application. What would happen if I pull out from this application process now?
Would it be leaving any negative on my and my Mrs credit file? I'm bit exhausted honestly with this whole process and seems like this will never end. It's been month and a half since I filled the full application, really not getting good vibes