Girlfriend getting mortgage for me

TriggerCut92

Hello,

Having issues getting a new residential mortgage. The reason being is I missed 3 mortgage payments in a row last year and had no idea. I moved out and the house was empty for a few months and had no idea I was getting mail to advise I'd missed it. Halifax ended up calling me and I paid it straight away. But for 3 months I was back paying without realizing. Completely my fault

So I've applied for a new mortgage for a place that costs 115k and no one will give me one because of this. My broker said there's lenders that aren't on the market that would maybe accept me when she explains what happened, but they would need something like over 35-40% deposit. And a huge interest rate. I can put that much down but I'd rather not. I was looking to put down 15-20%

Would it be possible for my girlfriend to get the mortgage in her name if I just gave her the money? We don't live together yet and probably won't for a couple of years. I know people may say that's a big trust and commitment but we're together forever etc. She's had a job for the last 3 years as a psychologist with the NHS eating over 25k

Is there any issues here or is this okay to do? Will they ask where the money has come from?

Thanks

AnotherJoe

Arent mortgage payments always on direct debit?

How therefore could you miss a direct debit when its automatic?

TriggerCut92

AnotherJoe wrote: »

Arent mortgage payments always on direct debit?

How therefore could you miss a direct debit when its automatic?

My salary goes into a different bank account, then I transfer the money into the account I use for all my bills and mortgages. Must have forgot to do it or not transferred enough. Like I said, completely my fault

middleclassbutpoor

By doing what you suggest - your girlfriend will be the owner of that property and you will have no legal rights to it.

If the relationship goes south for any reason, then you can walk away without any comeback and your girlfriend would be left to repay the debt.

You may as well just rent for next couple of years and then buy when you are ready to move in or do what is necessary for you to buy it in your name etc.

It's never wise to mix relationships and money in this way.

Thrugelmir

TriggerCut92 wrote: »

Would it be possible for my girlfriend to get the mortgage in her name if I just gave her the money?

Is your girlfriend prepared to commit fraud and lie about the source of the deposit when asked?

TriggerCut92

Thrugelmir wrote: »

Is your girlfriend prepared to commit fraud and lie about the source of the deposit when asked?

In what way would this be fraud? Couldn't I say the money is to help her buy a house and it's a gift

If you buy a house, you don't necessarily have to live in it

minimike2

Assuming you want to live in the property?
A lot of lenders have an issue with a person providing a deposit who will then not be named on the deeds / mortgage.
Some do.
But it doesn't make it a good idea.

Renting or living with your family seems like the sensible option whilst you repair your credit history.

Thrugelmir

TriggerCut92 wrote: »

In what way would this be fraud? Couldn't I say the money is to help her buy a house and it's a gift

Check your lenders criteria. Gifts from unrelated parties are not acceptable in the main.

Underwriters have been in the business for years. There's nothing hasn't been tried before. If in doubt they'll reject the application. Plenty of hassle free applicants to spend their time on.

Financial relationships are built on trust. No trust no relationship.

If found to be lying your GF will find herself on here.

https://www.nhunter.co.uk/

TriggerCut92

minimike2 wrote: »

Assuming you want to live in the property?
A lot of lenders have an issue with a person providing a deposit who will then not be named on the deeds / mortgage.
Some do.
But it doesn't make it a good idea.

Renting or living with your family seems like the sensible option whilst you repair your credit history.

Could I not say the deposit is a gift for her to buy a place? Which it objectively is

Thanks for actually answering

TriggerCut92

Thrugelmir wrote: »

Check your lenders criteria. Gifts from unrelated parties are not acceptable in the main.

Underwriters have been in the business for years. There's nothing hasn't been tried before. If in doubt they'll reject the application. Plenty of hassle free applicants to spend their time on.

Financial relationships are built on trust. No trust no relationship.

If found to be lying your GF will find herself on here.

https://www.nhunter.co.uk/

Thank you.

minimike2

TriggerCut92 wrote: »

Could I not say the deposit is a gift for her to buy a place? Which it objectively is

Thanks for actually answering

If it is the truth, then yes.

If it is not, then no.

As long as all the lenders questions are answered truthfully then its fine but options will be limited (but not excluding high street lenders).

BUT, still doesn't sound like a very good idea.