Married sole mortgage application

Sara1688

Hi all.

my husband and I are looking to purchase our first home. The problem is my credit rating is pretty awful- I have been trying to rectify this over the past few years however it’s looking like it’s going to take another few years for me to be in a good position with it. I am a stay at home mum and my husband earns 70k salary. He has a good credit rating and has the deposit (10%) saved up (no help from me or family) I was wondering if anyone has successfully had a Sole mortgage Application approved Whilst being married because of this issue? Apart from being married And named together on utilities, we have no financial links such as joint bank accounts. Many thanks 

K_S

@sara1688 This is not an uncommon situation at all. There are lenders who will assess it based on the sole applicant and are happy with a non-borrowing spouse occupying the property. If you're not financially linked at all on the applicant's credit report, that's a definite plus with regard to the automated credit scoring most mainstream lenders will do.

vacheron

When we bought our first house I asked for us both to be on the mortgage but for only my salary to be taken into account. I'm not sure if they would still credit check you as part of the process, but it was pretty straight forward in our experience. 

PS. You mentioned that it is to be "our" first home", however if your husband applies for a sole mortgage in his name only it will technically only be "his" first home.  

Sara1688

K_S said:

@sara1688 This is not an uncommon situation at all. There are lenders who will assess it based on the sole applicant and are happy with a non-borrowing spouse occupying the property. If you're not financially linked at all on the applicant's credit report, that's a definite plus with regard to the automated credit scoring most mainstream lenders will do.

Thank you for your reply! That’s great to know- there seems to be a lot of conflicting advice online. I think we will still go through a broker as we don’t want to go through the process direct to get rejected, I guess the brokers will know which companies are more likely to approve him. Many thanks! X

Sara1688

vacheron said:

When we bought our first house I asked for us both to be on the mortgage but for only my salary to be taken into account. I'm not sure if they would still credit check you as part of the process, but it was pretty straight forward in our experience. 

PS. You mentioned that it is to be "our" first home", however if your husband applies for a sole mortgage in his name only it will technically only be "his" first home.  

Thanks so much for your reply! I’m completely okay with my husband legally owning the property as when my credit rating has sorted itself out we will look at adding me onto the mortgage down the line  

deminimis

You will need to sign a waiver of your rights in the home and the lender may require you to obtain independent legal advice from a solicitor which can cost £500+