Mortgage solely in husband's name.

TomDickorHarry

My husband and I will shortly be purchasing a house. To save on stamp duty and use a help to buy isa we're going to put the house and mortgage purely in his name. This is mostly because I have previously owned a property. We know this means my income won't be taken into account which is fine. I'll be providing half the deposit but when he gets the mortgage application done, will they look into my finances? I have some credit card debt which I'd rather he didn't know about and am worried the mortgage application will bring this to light.

We can afford the mortgage we want based solely on his income.

Many thanks

Harri

getmore4less

I'll be providing half the deposit

lenders may not be happy with that.

Also if you have a beneficial interest in the property that should trigger any SDLT due.

I have some credit card debt

Effectively you are borrowing money on CC to provide the deposit.

csgohan4

a lot of mortgage lenders will want you on the mortgage as well, especially as you are providing half the deposit and you are the spouse as well.


Speak to an independent broker who can advise you further

TomDickorHarry

What is the lender isn't aware that half the deposit has come from me?

lizzel

Most lenders won't accept a deposit contribution from a partner if they aren't on the mortgage. Your husband has to show proof of deposit. So they'd want to see the deposit on his bank statements. With gifting deposits you still have to provide a statement. As this has the name and address the banks will know it's you providing it

YHM

Fully appreciate what you are trying to do, but you are expecting lenders to be complicit with tax avoidance.

csgohan4

TomDickorHarry wrote: »

What is the lender isn't aware that half the deposit has come from me?

So you want to commit mortgage fraud as well.....


Sigh.....

kingstreet

TomDickorHarry wrote: »

What is the lender isn't aware that half the deposit has come from me?

It'll soon find out when your solicitor reports it to them.

clairebeth

Even if you did manage to do it, isn't this a precarious situation to put yourself in if your marriage ends?

ACG

What you want can be done, but your choice of lenders who will happily do this will be very limited.

If you try to do this by hiding the facts, you might get lucky and go to the right lender but there is a greater chance that it will all come out in the wash down the line.

As with anything like this, do it right. Speak to a broker, they will guide you to the right lenders.

Thrugelmir

TomDickorHarry wrote: »

We know this means my income won't be taken into account which is fine.

However you a financial dependent of your husband. This in itself may impact the application. As the lender may well assume you've no income of your own.

I have some credit card debt which I'd rather he didn't know about and am worried the mortgage application will bring this to light.

Then seems easier to come clean. Clear the debt and be party to the mortgage. Little point in paying credit interest in lieu of stamp duty.