FTB - Applying for a Single mortgage because of spouse's bad credit - advice needed

Nicw84

I am really hoping that someone who has been in a similar situation can offer some advice.
I am a FTB, who has spent a number of years building my credit report up, and improving my salary. I now have enough of a deposit and income to purchase my first home, and have obtained a mortgage in principle from my bank. I am married, but want to apply for the mortgage on my own as my husband has a lot of credit, and his report is certainly not at the same level as mine. There is nothing preventing me from applying for a single mortgage, but because my husband is associated financially with me on my credit report through a household bill (which has no negative factors) and a joint savings account (again no negative factors) I am worried that this will hinder my chances of receiving a successful application.

The bank that I intend to get the mortgage with has already performed their soft checks, and no issues have arisen. Can anyone offer any success stories, or advice? My bank tells me that there is no further action that I need to make at this stage, but I cant help but worry.
Thank you

Dancer11

Hi Nicw84, I am in a similar situation as you. I’m a FTB, married and applied for a solo mortgage due to my husband’s age, who is a fair bit older than me. He has one 5 year old default on his credit report and we are financially associated. My husband also put in a fair chunk of the deposit. 

We did try originally for a joint mortgage on a different property, but due to his manual job and age, we couldn’t get the 17 year term we wanted. 

We are now waiting to complete next month and my mortgage with Nationwide was applied for and went to offer in just 9 days! My husband was soft credit checked, but I believe Nationwide do this for all non-mortgage associates. No questions were asked, just pay slips and bank statements needed from myself. 

I’ve had to take the term over 29 years for affordability, but it works out over £300 less than what we currently pay in rent, so I will just overpay to bring the term down. 

Good luck with your application 

csgohan4

bare in mind OP, just because one lender was ok for one couple, may not be the same for you

I would speak to a broker, preferably not in an EA to discuss your options. If you have bad credit in the mix, you need one that specializes in bad credit, there are a few on here, or you can use google

Thrugelmir

Is the source of deposit your money alone? 

Nicw84

Thrugelmir said:

Is the source of deposit your money alone? 

Yes, the deposit is built up of my savings only

Nicw84

csgohan4 said:

bare in mind OP, just because one lender was ok for one couple, may not be the same for you

I would speak to a broker, preferably not in an EA to discuss your options. If you have bad credit in the mix, you need one that specializes in bad credit, there are a few on here, or you can use google

Even though it is a single application, based on my earnings only, with a good credit report? My mortgage advisor at the bank (Halifax) has said that my husband's report should have no impact as it is not him applying for the loan. But I am reading that some lenders do soft checks on the financial associates, and this is my worry