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Mortgage advice please
Disneyfan123
Posts: 15 Forumite
hi, my husband and I recently downsized and bought our house out right. Both our names are on the title deeds. Would it be possible for my husband to take out a £25k mortgage in his name only? Financially its doable on his income only. I dont have the best credit rating so it’s not possible to do it jointly. Please don’t judge. Any constructive feedback is appreciated!
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Not really unless you put the deeds in his name only, but that is then treated as a gift and the gift comes with strings attached (ie you remain in the property). That route, might be possible but limited options.
When you say you do not have the best credit rating, if everything is over 6 months old it should be possible. Does the rate on a £25k mortgage matter too much? £25k over 20 years at 4.5% is £160 pm (approx). At 9% it is £225 pm - its "only" £65 a month extra even if the rate doubles.I am a Mortgage AdviserYou 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.1
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