Help with joint mortgage application please

Jjj123

Hi everyone me and my girlfriend have made a joint application for mortgage I have excellent credit no loans or credit cards my girlfriend has a year left on her car finance and 1500 on a cc. we are getting the house for 85000 and are giving a 5 percent deposit. We have passed all the initial checks and everything going ok until they found something which wasn't showing on my girlfriends initial credit report with experian there was another one under a different spelling of her name where she's had a few missed payments with a water company that we were unaware of so showing the account wasn't upto date for a few months last year so they are wanting to know why.the water is something like 30 pound a month so obviously would of rectified it straight away had we known. Everything else is perfect on there. I'm devistated this has ruined our chances. If it declined will I be able to apply as a single application as we have no financial association what so ever other than us applying for this together? And as I earn 32000 a year and have a squeaky clean credit report? And am only wanting to borrow 80000? Thanks everyone

ACG

Are you sure you are not financially associated now the credit check with the lender has been done?
Where has the deposit come from? (ie has your girlfriend contributed to it?)

Jjj123

I've contributed around 3500 to the deposit her 1500, I don't know will we be financially associated now then even if it were to decline? If it did decline and we were could I get her removed off the association as we wouldn't have anything? Really lost now as in what to do next fingers crossed it will be ok just thinking of worse case scenario

ACG

You can probably arrange to be disassociated (if that is a word), but you need to do it on all of your credit reports.

The bigger issue will be the deposit. Lender usually want the deposit to come from the applicant(s). They do allow gifts but they have to come with no strings attached, your gf is going to want to live in the proeprty and so it is a pretty big string attached.

Added to that, most lenders do not allow single applications for couples where you are trying to avoid bad credit.

It probably can be done, but your options are going to be slim.

Jjj123

Would the lender know I'm doing a single application to avoid bad credit then? Also my girlfriend said she is willing to sign whatever over to me if it did come to that with regards to the deposit to say she wouldn't want anything back of it sort to speak. I would then add her on in a few years.

ACG

They may do, they may just ask, they may not care.

She has to sign to say the gift comes without reservation usually, but she will expect to live there. Banks are not stupid. There are lenders who will do it (I am not able to name lenders on here), it would probably help you massively to find a broker to help you.

Jjj123

I read on Halifax lending criteria that they will accept a gift towards deposit off common law partner or cohabitee which would be my girl fiery is that right?

Jjj123

Girlfriend sorry lol

The_Real_Cheddar_Bob

you might need to speak to a mortgage broker.

5% deposit seems very low, so good luck if that goes through.

Check the legality of this but you could give all the money to your parents. get them to gift it to you with a gift certificate and apply for the mortgage on your own.

ACG

rjwr wrote: »

Check the legality of this but you could give all the money to your parents. get them to gift it to you with a gift certificate and apply for the mortgage on your own.

You can not do that.

Type Mortgage Fraud in to google.

Mortgage fraud is a crime in which the intent is to materially misrepresent or omit information on a mortgage loan application in order to obtain a loan or to obtain a larger loan than could have been obtained had the lender or borrower known the truth.

The_Real_Cheddar_Bob

perfect, that answers my point of check the legality of .................