Will I affect husband's application

Josumms

I've recently entered into a debt payment plan with step change. My husband wants to get a mortgage in his name. Will my debt show on his credit history? Will I affect his chances of being accepted?

ACG

You could be financially associated so that could be a problem.
But not every lender will accept a single application for a married couple, so if nothing else, you will not have every lender available.

Josumms

So the ones that do accept single applications will also check mine anyway?
If we waited a year for eh and my debts were stilll not paid off but I was keeping up with my payment plan, would that still affect his chances?

csgohan4

Josumms wrote: »

So the ones that do accept single applications will also check mine anyway?
If we waited a year for eh and my debts were stilll not paid off but I was keeping up with my payment plan, would that still affect his chances?

it will still be debt and that may be counted into the affordability. You need a broker to deal with this

kingstreet

Do you have any joint accounts, such as bank current accounts?

Have you ever applied jointly for any kind of credit?

It sounds like you should be obtaining copies of your credit files to establish if you have any Associations linking you.

ACG

They may not credit check you, but what you are proposing is not that simple. That is not to say it can not be done and at normal rates, but your husband will not be able to just pick a bank and walk in to apply. It will need to be the right bank(s).

Kingstreet' question is important but also where is the deposit. Is there any evidence you have contributed to it? If so, you may find that causes more problems.

Piggywinkle

I'm a bankrupt and my husband has just purchased a property for us. We made sure some time ago that we had no financial associations (check this on your credit files). This could be a joint bank account, joint insurance account etc.

Secondly, does your husband earn enough to take on a sole mortgage - if you work, then this will make things easier. If you don't work, you will be counted as a financial dependant on your husband and this will affect his affordability criteria.

As someone has also said, it will be tricky if there is proof that you have been contributing to the deposit as that may come across that you have a financial interest in the house.

I suggest you approach a broker with your questions. We went to L&C and they were really good. We had a gifted deposit as well and they still found us a high street mortgage lender with a decent rate.

Good luck!

Josumms

We have no joint accounts and never applied for credit together however both our names are in utility bills will that link us as his names on my credit report

Josumms

We are self employed and I'm currently on maternity but am likely to be working again by the time he applies for anything as will be in about a year's time or so.
Affordability won't be a problem for him. The way I see it is if we can pay our extortionate rent every month we can pay a mortgage at half the price.
Will it be better / easier for him the longer I've been in the debt plan and meeting my agreed terms?
Also if we're financially linked is there a way of getting this removed?

Thank you all for your help!

kingstreet

Are there Associations showing?

If so, obtain all three versions of your credit file (Experian/Equifax/Call Credit), close all the joint facilities and obtain disassociation forms from each of the three CRAs and ensure all three disassociate the two of you on all connections.

Piggywinkle

Josumms wrote: »

We are self employed and I'm currently on maternity but am likely to be working again by the time he applies for anything as will be in about a year's time or so.
Affordability won't be a problem for him. The way I see it is if we can pay our extortionate rent every month we can pay a mortgage at half the price.
Will it be better / easier for him the longer I've been in the debt plan and meeting my agreed terms?
Also if we're financially linked is there a way of getting this removed?

Thank you all for your help!

Just be careful on this front - mortgage companies aren't fussed about how much rent you're paying at the moment. They're more concerned with your income/outgoing ratio and whether you would be able to absorb a potential rise in interest rates. I would really recommend going to a broker as you have a specific set of circumstances that would put some lenders off. Many brokers have knowledge of which lenders are likely to accept based on your scenario.

Last of all - good luck!