Mortgage Offer Under Threat

buttercupb · 14 November 2018 at 8:25PM

Hello,

I've recently applied for a sole mortgage, due to my husband having a red marker against his credit card and this causing our prior offer to be withdrawn. All seemed to be fine. New mortgage got accepted with Skipton and offer just under my name was received. All was going well, with an occupiers consent form being sent to my husband to sign. However, yesterday the underwriter enquired as to why my husband was not on the mortgage himself. When we said why they have now changed their tune and said they are unhappy with him occupying unless he's on the mortgage.

I'm perplexed as to why this has happened and wondered if anyone could shine any light or offer any ideas? His last red flag was 6 months ago and his score has gone up from very poor to fair, but I doubt it's improved enough for him to go on the mortgage, which is why we applied solely under my name.

What might have changed their mind? And why might it be problematic for him to be an occupier with a poor credit? I have plenty of friends who have opted to have a mortgage in one name due to this very reason, with no problems. I don't understand why in the last 24 hours it ha suddenly become problematic for Skipton.

ACG · 14 November 2018 at 10:10PM

I seem to write a lot of replies on here about not all lenders allowing single applications for married couples, especially where the reason is adverse on the person not going on the Mortgage. Skipton are one of those lenders.

You should have checked this with them beforehand. Not to be rude, but they were never in a million years going to accept your application.

Thrugelmir · 14 November 2018 at 11:26PM

Is your husband contributing to the deposit for the property?

buttercupb · 14 November 2018 at 11:29PM

I used a broker! Obviously I relied on his knowledge, so I'm now unclear why he even suggested it?!

csgohan4 · 15 November 2018 at 8:47AM

buttercupb wrote: »

I used a broker! Obviously I relied on his knowledge, so I'm now unclear why he even suggested it?!

Was your Broker a free broker by any chance? L+ C? ??

Not all lenders like the idea of your husband not being party to the mortgage and will ask about this

buttercupb · 15 November 2018 at 9:27AM

No he is not. He was actually recommended to me by friends who are married but only wanted one person on the mortgage. To be clear Skipton new we were married when they accepted the case. It's all very confusing.

ACG · 15 November 2018 at 9:31AM

Unless your broker can pull a miracle out of the bag, I would start looking for a new lender.

I like Skipton, their underwriters are normal people and will usually take a sensible approach but as far as I am aware this is one of those things which is very much black and white.

Edit, just seen your post above:

They will accept single applications for married couples, but only where there is a valid reason. Overcoming bad credit is not one of those reasons. If you were in the process of divorce for example, they might ask for a letter from a solicitor confirming the divorce is going through however.

Mortgage_Adviser · 16 November 2018 at 2:41PM

Sounds like the btoker recommended by the family member is nor vey good after all.

Is he/she fee free or a dirt cheap (eg up to £200 all in fee)?

buttercupb · 16 November 2018 at 4:34PM

Hi,

Yes, I thought they did. They did send the occupiers consent form, meaning they were happy with him living there. It transpires my solicitor asked them to accept a gifted deposit from my parents - in - law, after we had been told they would not accept it. I'm still unclear why she asked them to accept it when I said I had enough money. Hoping my broker acknowledging this will move things forward.

Thrugelmir · 16 November 2018 at 6:09PM

Then the question is how you managed to source the deposit yourself when previously you were reliant on a gift to purchase the property. A sudden change of personal circumstances will put underwriters on their guard.

Mortgage Offer Under Threat

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