Applying for new mortgate from Joint to Single

Dexan11

Hi

I am looking to purchase a property for which I am looking into the mortgage for the purchase, however the mortgage will be under single application and not joint due to my partner having bad credit record. How easy would be to apply for single mortgage application the LTV would be approx. 30% we have sufficient equity in our property. Would there be any pitfalls??

ACG

It can be done on the face of it, but it wont be for many lenders.

You need to check before applying or use a broker to do the research for you.

PKaurK

Because you're associated with and living with someone with a bad credit record, the concern is their financial conduct will negatively affect your ability to pay the mortgage. A few lenders have a policy that states both you and your partner need to be on the mortgage, if you leave your partner off due to bad credit it they will decline it.

As the comment above states, you need to call and check with lenders first or use a mortgage broker.

kingstreet

In whose name is the deposit?

Be careful as there are several lenders which will have a problem with someone contributing to the deposit and living in the property but not named on the mortgage.