Changing to single mortgage due to bad credit

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Emm1234
Emm1234 Posts: 9 Forumite
in Mortgages & endowments
Hoping someone could help.

I’m currently on a dmp so don’t have a great credit score. We currently have a joint mortgage which we got before I had the dmp but are looking at moving house. After speaking to mortgage advisor we decided would be best to transfer mortgage into my husbands name only as he has good credit. However I’m now worrying because we already have this financial link the bank won’t give us the mortgage we need as my credit score will bring his down. The advisor never mentioned this to me though and was happy my husband would get the mortgage on his wage alone as we have quite a big deposit. We’ve now put ours up for sale and I’m panicking after reading up online tonight

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  • Edi81
    Edi81 Posts: 1,446 Forumite
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    Advisor? Was this an independen t broker not found in an estate agents?

    One of the brokers will know more if this is possible but sounds like limited lenders.
  • Emm1234
    Emm1234 Posts: 9 Forumite
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    He’s a financial advisor
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
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    Transfer the mortgage, as in the current mortgage, into his name? And the deeds of the house? Sounds extreme for a house, and mortgage, that you're leaving.
    Transfer the mortgage into his name, as in get the new mortgage just in his name? Will the deeds to the house also be just in his name? Mortgage company will need to know that you're living there too.
    Or do you mean, for affordability purposes, just use his income?
  • Emm1234
    Emm1234 Posts: 9 Forumite
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    No sorry I meant the new house mortgage and everything be in his name because I wouldn’t get a mortgage with 2 defaults on my account. I’m not currently working so doesn’t make a difference in terms of salary. I just wanted advice on best way to go about this, I’m not saying this is the best way!
  • ACG
    ACG Posts: 23,751 Forumite
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    Not many lenders will allow you to do that.
    Personally, I would try to get it through jointly, the DMP may not be a deal breaker.
    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.
  • Emm1234
    Emm1234 Posts: 9 Forumite
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    I can afford to pay one of the defaults in full not sure it will help though then just have one left
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