Can my girlfriend take out mortgage in her name but have me on the deeds aswell?

IloveElephants

Hi 
I have ccjs from private carpark companies, the value is £800 and they are recent. Now my problem is searching for a broker to find me and my girlfriend a mortgage, we have a 50k deposit, house price we are looking at around 220k maximum. My problem is if we do a joint application we will be paying higher interest rates per month because of my bad credit report, my girlfriend has a good credit report. So how could I gift her my share of deposit money and she takes on the mortgage on her own name as her salary is more than mine but I still get my name on the property deeds?  Thank you

Slithery

You can't.

All mortgage lenders require everyone whose name is on the deeds to also be party to the mortgage.

IloveElephants

Slithery said:

You can't.

All mortgage lenders require everyone whose name is on the deeds to also be party to the mortgage.

Thanks for your comment, I did think this was the case thanks for 
confirming it

FaceHead

Hopefully you have paid you CCJs at least. Consider whether you have any avenue to have them set aside - perhaps by consent. 

Mortgages aren't like credit cards where different people get different rates. Either the lender will accept you for a product or they won't. With a poor credit history, you might end up with a lender who isn't offering the most competitive product.

IloveElephants

FaceHead said:

Hopefully you have paid you CCJs at least. Consider whether you have any avenue to have them set aside - perhaps by consent. 

Mortgages aren't like credit cards where different people get different rates. Either the lender will accept you for a product or they won't. With a poor credit history, you might end up with a lender who isn't offering the most competitive product.

Thanks for your input, yes I am in the process of contacting the parking companies if they will set aside by consent however its up to the discretion of the courts at the end of the day. Even if I pay them as satisfied its already on the credit file now

AdrianC

IloveElephants said:

I have ccjs from private carpark companies, the value is £800 and they are recent. Now my problem is searching for a broker to find me and my girlfriend a mortgage, we have a 50k deposit, house price we are looking at around 220k maximum. My problem is if we do a joint application we will be paying higher interest rates per month because of my bad credit report, my girlfriend has a good credit report. So how could I gift her my share of deposit money and she takes on the mortgage on her own name as her salary is more than mine but I still get my name on the property deeds?

Does your girlfriend earn enough to be a borrower for a £170k mortgage on her own?

But, no, it's very unlikely you'll find a lender who will either accept single-borrower-joint-owners or a "gifted" deposit from a joint occupant.

MovingForwards

I know sub-prime lender rates have gone up a bit since my mortgage started, however the stance I took was I don't care what the rate is, I'm getting my own home and can remortgage to a different lender when my credit history is better.
I took a 5 year fix, made overpayments since my first pay after getting the keys and have been saving the ERCs / remortgage costs too.
Sometimes short-term pain is worth long-term gain.

Please speak with a good broker and see what your options are.

2bFrank

No, anyone who is on the deeds, will also have to be on the mortgage. You will also have to sign (as well as anyone living in the property over the age of 17) a declaration, that you hold no interest in the property and will move out if the property is repossessed.

Your first question, does your partner have the deposit for a home on her own or is it joint the 50k. If its on her own, then happy days, if not you will be required to gift your share to your partner.

The next question, is, can your partner get a mortgage on their own and afford it. If so, then there isn't a problem in that respect, she can get the mortgage and will be able to purchase the property, you are able to live in the property with her but it wont be your property.

If you split up, then by all means she will have the property. You might (but unlikely due to the declaration you signed) be able to claim a share off her through the courts, but this will be only for the amount you have contributed + share of value increase based of this (remember the deposit was a gift, you do not have a claim in that). You wont have a stake in the property though, your partner will be able to sell it without your permission etc, your claim will be with her, not the property.

TBagpuss

You won't be able to go onto the deeds until you can get a joint mortgage but you would be able to enter into a cohabitation agreement, recording that you have a beneficial interest in the property - you would both need to get proper advice but it is doable. It would mean that as between  you and your partner, you were recognized as having an interest in the property / proceeds of sale, and would let you define what tat interest was, based on how the deposit if being funded and how you plan to pay the mortgage etc. 

IloveElephants

MovingForwards said:

I know sub-prime lender rates have gone up a bit since my mortgage started, however the stance I took was I don't care what the rate is, I'm getting my own home and can remortgage to a different lender when my credit history is better.
I took a 5 year fix, made overpayments since my first pay after getting the keys and have been saving the ERCs / remortgage costs too.
Sometimes short-term pain is worth long-term gain.

Please speak with a good broker and see what your options are.

Thanks Moving forwards, how do you define a "good broker" and what is the search criteria when looking for a broker? 

IloveElephants

AdrianC said:

IloveElephants said:

I have ccjs from private carpark companies, the value is £800 and they are recent. Now my problem is searching for a broker to find me and my girlfriend a mortgage, we have a 50k deposit, house price we are looking at around 220k maximum. My problem is if we do a joint application we will be paying higher interest rates per month because of my bad credit report, my girlfriend has a good credit report. So how could I gift her my share of deposit money and she takes on the mortgage on her own name as her salary is more than mine but I still get my name on the property deeds?

Does your girlfriend earn enough to be a borrower for a £170k mortgage on her own?

But, no, it's very unlikely you'll find a lender who will either accept single-borrower-joint-owners or a "gifted" deposit from a joint occupant.

Thanks Adrian,