Sole mortgage on family home

123Debtfree

Hi there,
My wife has had some payday loans in the past that has recently stopped us getting a joint mortgage. 
I have enough income to cover the amount we need to borrow, but will I be allowed to get a sole mortgage , if the house is in just my name too - but obviously we will all
live in it? 

Her payday loan history is as recent as Feb 2022 and multiple, so we can’t really go down the joint route it would seem. I have a decent deposit too (that’s in my account not a joint account but from the sale of a jointly owned property)…
am I deluded? Just trying to figure out how to get a mortgage..

thanks very much

kingstreet

Some lenders, yes.

Some lenders, no.

Get broker advice on who will be in your possible lender pool.

K_S

123Debtfree said:

Hi there,
My wife has had some payday loans in the past that has recently stopped us getting a joint mortgage. 
I have enough income to cover the amount we need to borrow, but will I be allowed to get a sole mortgage , if the house is in just my name too - but obviously we will all
live in it? 

Her payday loan history is as recent as Feb 2022 and multiple, so we can’t really go down the joint route it would seem. I have a decent deposit too (that’s in my account not a joint account but from the sale of a jointly owned property)…
am I deluded? Just trying to figure out how to get a mortgage..

thanks very much

@123debtfree Some lenders (like Nationwide) will not allow you to leave the spouse off due to adverse credit history but there are others who are fine with it. Some lenders will also not allow non-borrowing occupiers (your wife in this case) to contribute to the deposit but others are fine with that.

With PDLs in the past year and if showing on both Experian and Equifax reports, a joint mortgage with a mainstream lender is likely to be a bit tricky at this point.