Sole Mortgage - Joint Account

Firsttimebuyers

Hi All,


Due to my partners high debts, it looks unlikely that we'll get a joint mortgage.


I'm contemplating getting a mortgage on my own, on a cheaper property to get us on the ladder - probably around the £40-50k marker with a 10% deposit.


Can I do this, if we have a joint account? The Deposit will have been saved by transferring from the joint account each payday.


Nb - we're not married yet.


Thanks in advance

YHM

Morning

Largely speaking its fine. Some lenders will tar you by association with your partners debts, but a fair amount will just take a view on the application as to what is disclosed and allow a sole mortgage. However, this would generally mean that the property is owned solely by yourself, as lenders are not particularly comfortable with sole mortgage, joint owner scenarios. You would need to seek legal advice about how your partners money would be protected.

Firsttimebuyers

Thanks YHM


I would be the sole owner of the property ideally, the money is in a savings account in just my name and the savings have been transferred after my wage enters the joint account.


Once he's out of debt, I'd look to move to a better house and add him onto the mortgage - but I'm just trying to find a way out of the rental trap currently so this seems our best option, I look after paying a mortgage so he can devote a lot of his income into paying his debts off quicker.


Would it be easier if I dis-associated myself from him financially? The only link we have is a joint bank account.

YHM

As long as the joint account is serviced well, I cannot see it making much difference.

Firsttimebuyers

Thanks, it is - he actually earns around £9000 more a year than me if you include regular guaranteed overtime, which comes into the joint account, but has unsecured debts that are close to his annual salary from a previous relationship unfortunately (loan and cards)


We're working on reducing those, but also mindful that this could take 2 years, and we do want to get onto the housing ladder sooner rather than later - if it means me taking on what I can alone, then it's worth a go