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Single Applicant, Deposit from Joint Account?
MissRenter
Posts: 11 Forumite
Hi,
My Husband and I are hoping to get a mortgage ASAP (our rental property is falling to bits and the rental market in our area is slim to none), we would like to take advantage of the 95% Mortgages but my credit history isn’t fantastic.
My Husband and I are hoping to get a mortgage ASAP (our rental property is falling to bits and the rental market in our area is slim to none), we would like to take advantage of the 95% Mortgages but my credit history isn’t fantastic.
I’m thinking we may be best getting it solely in my husbands name (he earns 65k and we are looking at properties around 250k) I know there are a couple of lenders out there who will allow it.
My question is, our deposit savings are currently in a joint account. Are we best moving these into an account in my husbands name only?
How far back do they look in Savings accounts? He will be getting a good bonus next month that he’ll be depositing so they can see he deposits quite a lot monthly and hopefully won’t need to question it.
I know we also have the option of it being a ‘gifted deposit’ but that reduces lenders even further.
Any advice would be greatly appreciated :-)
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Comments
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One more thing if it helps, the Joint Account is just a basic Monzo account, no overdraft/credit agreement etc.0
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What's on your credit history as there are all types of lenders, various criteria and some are more relaxed about credit history especially if it's historic eg 3+ years.
Generally it's upto 6 months statements, depending on the lender it could be 0, 1, 3 or 6 months.Mortgage started 2020, aiming to clear 31/12/2029.0 -
No current 95% lender allows this. Its classed as gifting deposit but not named on mortgage and living in property.1
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@missrenter You need a lender that1. is ok with non-borrower adult occupiers2. is ok with leaving spouse off the mortgage3. is ok with leaving spouse off the mortgage for credit history reasons4. is ok with non-borrowing occupier contributing to the deposit
Like JMA said, of the very few lenders in the 95% space currently, none of them tick all the above boxes. You should have options once more lenders are back in this space, likely by end April or so.
Also, people do often overestimate how 'bad' their credit history is, so don't discount the chances of simply getting a normal joint mortgage. Definitely one for a broker. Good luck!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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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What's the issue with your credit history , or current credit status, for you to wish not to be on the application?0
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