Secret debt, DAS and future mortgage(?)

D3xt3r5L4b

Yahoo_Mail said:

D3xt3r5L4b said:

Yahoo_Mail said:

purplechandelier said:

Yahoo_Mail said:

Money and friends/relatives do not mix.  Do them a favour and don't ask them to pay off your debt.

Speak to a specialist subprime broker who may be able to get a mortgage offer if you're on a DAS/DMP, but it's very unlikely.

Thank you, appreciate you taking the time to reply. Just want to point out it is not my debt. I understand I will be financially linked in many ways to my wife but despite this, my credit rating is still excellent and I have worked hard to be responsible with money to counteract her frivolity (obviously not knowing the full extent). Her father has lent her money in the past therefore I thought it might be an option to consider if it would be beneficial in the long run.

She's your wife, her debt is your debt.  If you got divorced, sure, it wouldn't be your liability but a lender is going to assume that all liabilities/debts/bills get split down the middle when you're a couple.  Even if you financially "delinked" yourself from your wife, she would be considered a dependent and I doubt your salary would be enough to support you, your wife and a mortgage unless you're after a very small one.

It's not a nice situation to be in but you need to get it paid off pronto, give it a year or two and then apply for a mortgage (through a broker.)  That's my take on it and it's only advice.  Take from that what you will.

The debt belongs to the person whose name it’s under, relationship status is irrelevant here. 

Lenders are going to assume that its all under the same pot.  I wasn't talking "the law" and I thought "but a lender is going to assume that all liabilities/debts/bills get split down the middle when you're a couple" made that clear?

That’s not what a lender would think at all though. Unless the debt is under a joint name, then in their eyes it’s the ownership and responsibility of the person named on the debt.