Bad credit

marchgj

Hello, I am in the process of buying a new house.  I want my future wife to be on the mortgage or deeds but she has bad credit and no bank will accept her even though I can well afford the repayments myself and she has £100,000 in her bank which she can contribute.  They won't accept a certificate of trust either.  How can I make her feel involved and  be part of the house buying process and for her to not feel that she is risking her money and possibly lose it all? We need her to be written into the part ownership of the house somehow.  

kingstreet

Take a charge over the property post-completion?

fatbelly

Nearly all negative information on a credit file lasts 6 years, so when will this drop off?

She needs to be on the electoral roll

Needs a subprime credit card or if she can't get that, then a creditbuilder product.

But I agree if the house purchase is imminent, do it in your name and then sort out with proper legal advice

marchgj

kingstreet said:

Take a charge over the property post-completion?

We will be looking to remortgage after 2 years.  Would this affect remortgaging?

kingstreet

marchgj said:

kingstreet said:

Take a charge over the property post-completion?

We will be looking to remortgage after 2 years.  Would this affect remortgaging?

Yes. She would have to remove the charge or provide a deed of postponement to allow the new lender to have a first charge and prevent her charge from being promoted to a first when the current mortgage is repaid.

A rate switch with current lender would not be affected.