1 on Mortgage 2 on deeds and & gifted deposit

BMSNT

Hello I have seen similar threads from some years ago.

Our situation is slightly different from what I have seen discussed before.

My partner and I are looking to buy our first house. We are not married.

House Price £208,800
Her saved deposit £18,000
My deposit gifted from my family £18,000

Both have good earnings but my credit rating is poor, her credit rating is good.

Questions is:

Can she get a mortgage in her name for the £172,800. Put the deeds in both of our names, use her deposit and the deposit gifted from my family?

Mortgage will be paid by both of us equally.

Grezz24

is the reason you want the Mortgage in your partners name due to your poor credit?

It would be worth discussing with a broker to see what they think, the common theme on this forum is that 'poor' credit doesnt mean much, its affordability that is the key and to try ignore your credit 'score' as each lender is different which is where a broker can advise you.

The issue i see with the mortgage being in just your partners name is more on her side, if you decided to just walk away there is nothing financially holding you to the mortgage, but you are still on the deeds so own part of the house.

BMSNT

Yes it is because of my poor credit rating.

We are happy for the mortgage in both of our names if it is possible.

We have met with a broker who said not to use me because of my credit rating.

He said they can do it all in her name only and only use her deposit.

Where as we would prefer to use our joint deposit.

I wanted to check if people think the brokers advice is accurate, I was going to approach another broker for a second opinion.

Tom99

[FONT=Verdana, sans-serif]If you want to be an owner then at the very least you will have to be a party to the mortgage since it is your house that is being mortgaged.[/FONT]

BMSNT

@tom99 if you read what I have said, that is the ideal situation....

TrickyDicky101

BMSNT wrote: »

Questions is:

Can she get a mortgage in her name for the £172,800. Put the deeds in both of our names, use her deposit and the deposit gifted from my family?

Mortgage will be paid by both of us equally.

Tom just answered your question that you asked - no, you can't be 'on the deeds' without being on the mortgage.

BMSNT

He was spamming.

I said I do want to be a part to the mortgage but it may not be possible. 'Mortgage will be paid by both of us equally'

Why is it not possible to be on the deeds and not the mortgage?

is there a bank that will do this?

I have read on other threads it is possible, but there threads are several years old so I am looking for up to date advice.

Or will the bank put both of us on the mortgage even with my low credit rating?

Tom99

BMSNT wrote: »

He was spamming.

I said I do want to be a part to the mortgage but it may not be possible. 'Mortgage will be paid by both of us equally'

Why is it not possible to be on the deeds and not the mortgage?

is there a bank that will do this?

I have read on other threads it is possible, but there threads are several years old so I am looking for up to date advice.

Or will the bank put both of us on the mortgage even with my low credit rating?

[FONT=Verdana, sans-serif]If your partners income will support the mortgage amount alone then you would think that a joint mortgage should be obtainable even will your poor credit record, but maybe your broker knows different.

[/FONT] [FONT=Verdana, sans-serif]How had the mortgage broker suggested you deal with the ownership issue if only your partner has the mortgage?

[/FONT] [FONT=Verdana, sans-serif]If you own part of the house then by definition you will have to be a party to the mortgage since you are offering the house (your house as well as your partners) as security for the loan.

I'm not sure why me answering your question is spam?
[/FONT]

Thrugelmir

BMSNT wrote: »

I said I do want to be a part to the mortgage but it may not be possible. 'Mortgage will be paid by both of us equally'

Not as far as the mortgage lender is concerned. Any private arrangement you may have is secondary.

HSBC are one of the few lenders offering what you after. Though whether you meet their lending criteria is another matter.

BMSNT

Solved. Mortgage broker found solution. Halifax & Nationwide offered solution we were looking for.