First time buyer -Mortgage query

gianttoe

Hi.

I’m looking to get my first mortgage and have started the process with a financial advisor. I have a good credit score rate, however my wife’s is poor (couple of defaults and a CCJ) and she’s working to improve it. We agreed I’d look to get the mortgage in my name only. The advisor has said when a mortgage company do a search they’ll also potentially look at my wife credit history. We have no financial links, no joint accounts etc. But are obviously married.

Just wondering if anyone has experienced this and has any advice? I obviously want a mortgage to get us (or me in the first instance) on the property ladder and after a few years, look to get a joint mortgage when my wife’s credit score has improved.

Thrugelmir

Your wife is a financial dependent and will be assessed as such for affordability. You'll be treated as one unit. Unfortunately it's not possible to ignore her to circumnavigate the lenders criteria. Even if you disclose none of her financial circumstances.

What's the nature of the defaults and CCJ. Amount, when settled etc.

gianttoe

Thrugelmir wrote: »

Your wife is a financial dependent and will be assessed as such for affordability. You'll be treated as one unit. Unfortunately it's not possible to ignore her to circumnavigate the lenders criteria. Even if you disclose none of her financial circumstances.

What's the nature of the defaults and CCJ. Amount, when settled etc.

Thanks for the quick reply. The CCJ (from June 2017) has a balance which she’s been advised to clear ASAP, so it can at least show as settled. Of the 2 defaults, 1 is cleared with no balance and the 2nd is a bit trickier. It was with ladder loans and previously had a balance of £2000 but now shows £0. My wife’s had no correspondence from them for a while, but she’s heard they ceased trading. Although we probably need to do a bit digging on that.