Re Mortgage query

redsoles

Hi


Looking for some advice. In December 2016 we were in the middle of purchasing our new build house when our mortgage offer was declined due to a default on my husbands credit card which had been added to his credit report that month. I knew nothing about the credit card or the missed payments. It turned out he had missed 2 months.


The only way we could get the mortgage was to apply for it in my name only and a larger deposit was gifted from his parents. Since then we have cleared his credit card debt and nothing is outstanding. The car payments , phone bills etc all come from his account by direct debit. He has a credit card in his name which we use monthly for petrol and clear each month. His credit score is now in the excellent range .


Our mortgage is due to expire in September next year and we would like to add him to the mortgage.


What are the chances of him being declined again? the default will be almost 3 years old by then. Ideally we would like to take some equity out of the house to pay his parents back. They have not asked us to do this but I would like to offer. Is this even an option?


any help and advice would be greatly appreciated.


Thanks

Mortgage_Adviser

Is he already a coowner of the property or not?

redsoles

No the property is in my name only, but would like to add him next year when my current mortgage rate expires.

kingstreet

Some lenders will lend, some won't.

We can't give you odds, or a percentage chance. Make sure you appoint an independent broker at the time and those odds will get better.

Not HTB is it?

redsoles

Thank you, Is there anything else we can do to improve his chances other than spending on the credit card and clearing each month? His credit score has improved a lot in the last couple of years but I understand that this is irrelevant in most cases and that the lenders could be put off by the default. He has never missed any other payments.

We have a broker who we used last time but I am considering a new one this time round. It all happened so quickly last time, we were good to go and then the default was added to his credit report literally a day before we applied for the mortgage so we were rejected. We were time pressured and I feel our broker didn't give us any other options other than putting the mortgage in my name only.

The house is not help to buy.

[Deleted User]

redsoles wrote: »

His credit score has improved a lot in the last couple of years but I understand that this is irrelevant in most cases

Not most cases. All cases.

All he needs now is time. as he has started building good credit history.

Mortgage_Adviser

Is your partner a first time buyer? As if not there may be some stamp duty liability.

redsoles

No he is not a first time buyer. We previously owned a house jointly,