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Mortgage application when deposit in partner name
Options

rititayal
Posts: 6 Forumite
I have an offer accepted for a property and I now want to make a mortgage application.
I want mortgage of around 2.5 times my salary (before tax or any payroll deductions).
Situation - I have put deposit in my partner's bank account and my partner doesn't have any income, credit cards, or credit history. I am very confident that my partner's credit score will be worst ever in the history of credit scores.
What are my options here?
1 - Is it wise to transfer my money back from my partner's account to mine? We can provide a gift letter (if needed), however note that we will be living together in the property.
2 - Can I put my partner on the mortgage application? Partner pays deposit and I pay for everything else including mortgage repayments. Note again that partner has very poor credit score and no history.
My partner has no issues in either of the options listed above.
I want mortgage of around 2.5 times my salary (before tax or any payroll deductions).
Situation - I have put deposit in my partner's bank account and my partner doesn't have any income, credit cards, or credit history. I am very confident that my partner's credit score will be worst ever in the history of credit scores.
What are my options here?
1 - Is it wise to transfer my money back from my partner's account to mine? We can provide a gift letter (if needed), however note that we will be living together in the property.
2 - Can I put my partner on the mortgage application? Partner pays deposit and I pay for everything else including mortgage repayments. Note again that partner has very poor credit score and no history.
My partner has no issues in either of the options listed above.
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Comments
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1 - Is it wise to transfer my money back from my partner's account to mine? We can provide a gift letter (if needed), however note that we will be living together in the property.
If it's your money. Then there should be an auditable trail evidencing this. Likewise why does your partner need to gift you the money back.
Easy to make an underwriter nervous and cautious. If there's a lack of transparency. In what should be a straightforward matter.0 -
As Thrug says.
If you can evidence it is your money you don't have too much of an issue.
Don't expect a Lender to be happy with a gift donor living in the property.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks for the responses.
So should I just move the money (to me) now and print a statement showing the dates and the amount when I had moved the money (from me)?
Forgot to add - We both have bank accounts with same bank and thus I hope it will make it easy to track?0 -
I've just had my official offer with Nationwide with the majority of the deposit gifted by my husband (who will be living in the property), so it is possible but can raise a lot of queries.
I did manage to save 5k directly from my wages via a help to buy ISA and personal savings.
From what I've read here, lenders do like to see that you can save yourself so it will be imperative to provide them with these statements showing that it is your money.0 -
If your partner has no income. Then presumably they are financially dependent upon you. Something that you would need to declare.0
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