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Mortgages and DMP

Mattyv
Mattyv Posts: 3 Newbie
in Mortgages & endowments
Hello,
We are looking to buy our first home. I have got a help to buy ISA with enough for a deposit.
My girlfriend has currently got a DMP (Dept Management Plan) but has a good credit score.
When going for a mortgage should we put both our names on it or should it be just in my name whilst she gets dept free.

Comments

  • ACG
    ACG Posts: 24,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Is any of the deposit coming from your partner?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Mattyv
    Mattyv Posts: 3 Newbie
    No she will just be paying her half to me. Then put her on the mortgage later in life.
  • kingstreet
    kingstreet Posts: 39,333 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ...she will just be paying her half to me.

    Her half of what?

    She's insolvent and if she contributes to the deposit and resides in the property this will be problematic for most, if not all, the potential lenders open to you.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Mattyv wrote: »
    No she will just be paying her half to me. Then put her on the mortgage later in life.

    What she contributes to the mortgage by paying money to you is another matter. Where's the deposit coming from is the question that was asked? Is part of the deposit coming from her savings or income?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Mattyv wrote: »
    My girlfriend has currently got a DMP (Dept Management Plan) but has a good credit score.

    An individuals credit profile will be impacted by a DMP. Credit scores as provided by the CRA's have llittle bearing. As lenders set their own internal criteria to assess and benchmark applicants.
  • Mattyv
    Mattyv Posts: 3 Newbie
    The deposit will be coming from me
This discussion has been closed.
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