Declaration of Dependancies 26 March at 2:18AM in Mortgages & Endowments 5 replies 144 views

Size4541

I would like to apply for a mortgage without my wife as my credit rating is far better. I am aware that this can be done but have a question regarding my children. As my wife’s salary isn’t taken into account on the mortgage due to the credit rating, can I say that my children are financially dependant on her? Frustrated as her salary isn’t taken into account as an income and everything therefore would be paid for by me. Seems unfair as we can afford a good amount for a nice home.

Size4541

Or can I apply for a mortgage on my own including my wife’s salary?

Lover_of_Lycra

Size4541 said:

Or can I apply for a mortgage on my own including my wife’s salary?

If you want to include your wife's salary you will need to include her on the mortgage.  Have you looked at the difference in affordability of including your wife versus having her a dependent? 

What makes your wife's credit history so bad that you don't want her on the mortgage?  CCJ?  Insolvency?  A heap of recent late payments?  Defaults?

Thrugelmir

Size4541 said:

I would like to apply for a mortgage without my wife as my credit rating is far better. I am aware that this can be done but have a question regarding my children. As my wife’s salary isn’t taken into account on the mortgage due to the credit rating, can I say that my children are financially dependant on her? Frustrated as her salary isn’t taken into account as an income and everything therefore would be paid for by me. Seems unfair as we can afford a good amount for a nice home.

Without knowing what the underlying issues are impossible to comment. Normally the issue is that an applicants definition differs to how lenders assess it.  There are lenders who take into account adverse credit history. 

Size4541

Thanks so far for your help. My wife’s credit history problems are due to late payments. All our money went on the kids and boarding schools, so things have been tight for years with missed payments on store cards, now we are in a great position with a lump sum coming my way, both earning up to £65K between us and this history is holding us back.  I tried a mortgage on my own but due to having to declare the dependancies (4 kids) I was only able to achieve £38K mortgage!!! I wondered if I didn’t declare them as dependant on me, my wife could cover their living costs.

Extremely frustrating when we can afford a home around £210,000 as a couple (£290,000 help to buy) and on my own £180,000. I have a great deposit, but credit history when things were tight or declaring dependancies and not an additional salary means we now have to limit ourselves to the rental market.

Dreamingandimpatient

Size4541 said:

Thanks so far for your help. My wife’s credit history problems are due to late payments. All our money went on the kids and boarding schools, so things have been tight for years with missed payments on store cards, now we are in a great position with a lump sum coming my way, both earning up to £65K between us and this history is holding us back.  I tried a mortgage on my own but due to having to declare the dependancies (4 kids) I was only able to achieve £38K mortgage!!! I wondered if I didn’t declare them as dependant on me, my wife could cover their living costs.

Extremely frustrating when we can afford a home around £210,000 as a couple (£290,000 help to buy) and on my own £180,000. I have a great deposit, but credit history when things were tight or declaring dependancies and not an additional salary means we now have to limit ourselves to the rental market.

Our scores for some reason aren't very high but our reports are great.  We have been made a mortgage offer even with myself having a satisfied CCJ of £300 from 2017 and missed payments in 2015.  I think if they are more than 3 years ago then you can still be considered.  Failing that, be super good for 3 years and try again.  We have used a mortgage broker who helped as I didn't have the confidence to apply myself out of fear of being turned down.  Good luck. Oh and we have 2 children