Married First Time Buyers-Sole Mortgage?

ahajames

Having read quite a few threads on this subject but never finding a definitive answer i thought id share my predicament in the hope of a solution.
Im a serving member of the armed forces and my wife and I have decided to uproot back to the north east from married quarters in Somerset.
We have our deposit together and a good credit history,but the mortgage calculators on the majority of websites only offer us a paltry figure due to my wife being a staying at home mum with no income(one of the main reasons for the move is so she can go back to work with childcare from grandparents).
When i re-enter my details on the calculators with my wife as an added dependant rather than a joint applicant the figures shoot up to what we expected/require.
Does anyone have any experience of gaining a mortgage individually whilst married,and through what lender?I know Nationwide dont allow it after speaking to them today.
Any help/advice would be greatly appreciated as its proving a majoy stumbling block and headache!
Adam

ACG

There are lenders that allow sole applications for married couples, but not many.

The other issue is that if your wife is not going on the mortgage, presumably you would need to put her down as a financial dependent, which may have a similar impact as a joint mortgage and one income.

ahajames

ACG wrote: »

There are lenders that allow sole applications for married couples, but not many.

The other issue is that if your wife is not going on the mortgage, presumably you would need to put her down as a financial dependent, which may have a similar impact as a joint mortgage and one income.

Do you know which lenders by any chance?
Many Thanks

ACG

I have an idea, but as I am governed by a particularly fussy governing body I am not allowed to say.

If you are struggling you should try to find a broker to help you.

ahajames

ACG wrote: »

I have an idea, but as I am governed by a particularly fussy governing body I am not allowed to say.

If you are struggling you should try to find a broker to help you.

That is our next step but didnt want to waste their time if it wasnt do-able.
Would there be any implications in terms of the deeds etc?

ACG

Potentially. But it is best to speak to someone regarding your circumstances in full.

Dont worry about wasting their time, I guarantee most brokers will have heard far worse...not that there is anything wrong with your situation.

Silvertabby

Are you on a pensionable engagement? Does the Armed Forces still offer the advance of pay for house purchase? Would that help?

Forces Help to Buy Scheme

This scheme, designed to help you get on the property ladder, launched on 1 April 2014 with the aim of running for three years, but due to it's popularity it has now been extended till 2018. During this time the Long Service Advance of Pay (LSAP) scheme will be frozen. Find out if you’re eligible and how to apply.
We set out the basics here but for more detailed information see JSP 464.




What is the FHTB Scheme?

• You will be able to borrow up to 50% of your salary and any recruitment and retention pay (formerly Specialist Pay) up to a maximum of £25,000.
• The FHTB scheme is an interest free advance of salary and is to be repaid over ten years.
• It is available to Regular personnel to buy their first home or move to a new location (more than 50 miles from their current property), although there may be some exceptions to this.
• Most mainstream mortgage providers accept FHTB, but you should first check with your proposed lender before progressing any formal mortgage application.
• Approval for FHTB is no guarantee that a mortgage lender will advance a mortgage.

Are you eligible?

To be eligible personnel must fulfill the following criteria:

• Be in Regular service.
• Those serving in the Naval Service must have been accepted onto trained strength, ie in a complement billet.
• Army and RAF personnel must have completed two years service from the date of enlistment and be on the trained strength i.e. completed Phase 2 training.
• Have at least six months left to serve at the time of application
• In the last twelve months, not have owned a property within 50 miles of the proposed house purchase (although there may be some exceptions to this).

How to apply

• To apply for FHTB you must complete the application form on JPA.
• If accepted, you can be given a Personal Information Note by the MoD as evidence of your FHTB advance before seeking a mortgage offer.
• Payment of the FHTB amount is made by BACS direct to your legal representative, who must apply for the funds at least 10 working days before the property completion date.

What happens to the LSAP scheme?

During the FHTB pilot the LSAP scheme will be frozen. If you have LSAP you will continue to make your normal monthly payments but you can apply to extend your loan to the FHTB limit if you are moving home and are eligible under the new rules. In these circumstances your LSAP loan amount will be consolidated into one arrangement under the FHTB scheme.
Can I still apply for Service accommodation?

If you buy a property using funds from the FHTB scheme and the property is within 50 miles of your current assignment location then you will not be eligible for either SFA or SLA during your current assignment. If you already know your next assignment (starting within 6 months) and you choose to buy a home within 50 miles of there, you will also not be eligible for either SFA or SLA there.

You may choose to buy a property more than 50 miles from your current assignment location (or next location, if you already know what it is and it starts within 6 months). In this case your family will have to live in that property in the first instance – you will be eligible to use SLA (or SSSA) but not SFA for that assignment.

After buying your property, if your next assignment is more than 50 miles from your purchased home, your entitlement to SLA and SFA is reinstated.

If any subsequent assignment takes you to within 50 miles of the location of your purchased property your entitlement to SLA and SFA will be relinquished and you will be required to live in your own property.
Where to get more information

For more information on the FHTB scheme:

• see DIB/07 or
• contact DBS Mil Pers (formerly SPVA) on (9)4560 3600 Option 4 and ask for the FHTB Section, or [EMAIL="JPACEnquiryCentre@mod.uk"]JPACEnquiryCentre@mod.uk[/EMAIL]

For more information on your housing options contact the Joint Service Housing Advice Office or the Homes and Communities Agency.
If an FHTB is not for you, then see the other options available in Affordable housing schemes.


Last reviewed: 25/10/2016

Looks like you don't need to be in for 22 years plus in this scheme

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ahajames

Yeah we will be using the scheme as part of our deposit which is a masssive help but the issue is when my wife is added onto the mortage regardless of deposit size the offer decreases significantly due to her lack of income. Adding her as a dependant doesnt make a great deal of difference strangely.

ACG

Its a case of finding a lender who will accept her as a dependent and not reduce a lot because of it.

There could also be other ways to do it in joint names - extending the term for example? Maybe including any benefits you get? Oce you find a broker, they can look at various ways to get you to what you are after.

on_a_sixpence

ahajames wrote: »

Do you know which lenders by any chance?
Many Thanks

We used Skipton Building Society 3 years ago, for myself (full time salary) and my wife (only receiving education grants, not included / allowable in affordability calculation).

We did have to take 100% of our joint outgoings though and only my wage into the calculation, and I don't know if they have updated lending criteria since as this was before the April 2014 changes to mortgage lending.

EDIT: to clarify, we are both named on the mortgage and deeds, with her income stated as "£0".