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  • FIRST POST
    • TomDickorHarry
    • By TomDickorHarry 7th Dec 17, 6:39 AM
    • 2Posts
    • 1Thanks
    TomDickorHarry
    Mortgage solely in husband's name.
    • #1
    • 7th Dec 17, 6:39 AM
    Mortgage solely in husband's name. 7th Dec 17 at 6:39 AM
    My husband and I will shortly be purchasing a house. To save on stamp duty and use a help to buy isa we're going to put the house and mortgage purely in his name. This is mostly because I have previously owned a property. We know this means my income won't be taken into account which is fine. I'll be providing half the deposit but when he gets the mortgage application done, will they look into my finances? I have some credit card debt which I'd rather he didn't know about and am worried the mortgage application will bring this to light.

    We can afford the mortgage we want based solely on his income.

    Many thanks

    Harri
Page 1
    • getmore4less
    • By getmore4less 7th Dec 17, 7:44 AM
    • 32,035 Posts
    • 19,222 Thanks
    getmore4less
    • #2
    • 7th Dec 17, 7:44 AM
    • #2
    • 7th Dec 17, 7:44 AM
    I'll be providing half the deposit
    lenders may not be happy with that.

    Also if you have a beneficial interest in the property that should trigger any SDLT due.


    I have some credit card debt
    Effectively you are borrowing money on CC to provide the deposit.
    • csgohan4
    • By csgohan4 7th Dec 17, 7:46 AM
    • 4,426 Posts
    • 2,774 Thanks
    csgohan4
    • #3
    • 7th Dec 17, 7:46 AM
    • #3
    • 7th Dec 17, 7:46 AM
    a lot of mortgage lenders will want you on the mortgage as well, especially as you are providing half the deposit and you are the spouse as well.


    Speak to an independent broker who can advise you further
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • TomDickorHarry
    • By TomDickorHarry 7th Dec 17, 8:08 AM
    • 2 Posts
    • 1 Thanks
    TomDickorHarry
    • #4
    • 7th Dec 17, 8:08 AM
    • #4
    • 7th Dec 17, 8:08 AM
    What is the lender isn't aware that half the deposit has come from me?
    • lizzel
    • By lizzel 7th Dec 17, 9:14 AM
    • 37 Posts
    • 11 Thanks
    lizzel
    • #5
    • 7th Dec 17, 9:14 AM
    • #5
    • 7th Dec 17, 9:14 AM
    Most lenders won't accept a deposit contribution from a partner if they aren't on the mortgage. Your husband has to show proof of deposit. So they'd want to see the deposit on his bank statements. With gifting deposits you still have to provide a statement. As this has the name and address the banks will know it's you providing it
    • YHM
    • By YHM 7th Dec 17, 9:20 AM
    • 512 Posts
    • 191 Thanks
    YHM
    • #6
    • 7th Dec 17, 9:20 AM
    • #6
    • 7th Dec 17, 9:20 AM
    Fully appreciate what you are trying to do, but you are expecting lenders to be complicit with tax avoidance.
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, 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
    • csgohan4
    • By csgohan4 8th Dec 17, 7:18 AM
    • 4,426 Posts
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    csgohan4
    • #7
    • 8th Dec 17, 7:18 AM
    • #7
    • 8th Dec 17, 7:18 AM
    What is the lender isn't aware that half the deposit has come from me?
    Originally posted by TomDickorHarry


    So you want to commit mortgage fraud as well.....


    Sigh.....
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • kingstreet
    • By kingstreet 8th Dec 17, 9:23 AM
    • 33,342 Posts
    • 18,034 Thanks
    kingstreet
    • #8
    • 8th Dec 17, 9:23 AM
    • #8
    • 8th Dec 17, 9:23 AM
    What is the lender isn't aware that half the deposit has come from me?
    Originally posted by TomDickorHarry
    It'll soon find out when your solicitor reports it to them.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • clairebeth
    • By clairebeth 9th Dec 17, 8:37 AM
    • 160 Posts
    • 69 Thanks
    clairebeth
    • #9
    • 9th Dec 17, 8:37 AM
    • #9
    • 9th Dec 17, 8:37 AM
    Even if you did manage to do it, isn't this a precarious situation to put yourself in if your marriage ends?
    • ACG
    • By ACG 9th Dec 17, 9:11 AM
    • 16,816 Posts
    • 8,773 Thanks
    ACG
    What you want can be done, but your choice of lenders who will happily do this will be very limited.

    If you try to do this by hiding the facts, you might get lucky and go to the right lender but there is a greater chance that it will all come out in the wash down the line.

    As with anything like this, do it right. Speak to a broker, they will guide you to the right lenders.
    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.
    • Thrugelmir
    • By Thrugelmir 9th Dec 17, 9:53 AM
    • 58,448 Posts
    • 51,817 Thanks
    Thrugelmir
    We know this means my income won't be taken into account which is fine.
    Originally posted by TomDickorHarry
    However you a financial dependent of your husband. This in itself may impact the application. As the lender may well assume you've no income of your own.

    I have some credit card debt which I'd rather he didn't know about and am worried the mortgage application will bring this to light.
    Then seems easier to come clean. Clear the debt and be party to the mortgage. Little point in paying credit interest in lieu of stamp duty.
    Last edited by Thrugelmir; 09-12-2017 at 9:55 AM.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Mnd
    • By Mnd 14th Dec 17, 5:59 PM
    • 503 Posts
    • 606 Thanks
    Mnd
    If you are, in effect, buying a house together, offering to pay half the deposit, surely you as a partnership should lay all your cards (no pun intended) on the table and make him aware of your credit card problems.
    Sort it all out now properly and avoid any situations later
    • mailmannz
    • By mailmannz 14th Dec 17, 6:58 PM
    • 290 Posts
    • 176 Thanks
    mailmannz
    Speak to a mortgage broker about the best way of doing this.

    Its not criminal to avoid paying tax. It is a criminal act to evade paying tax BUT this isn't evasion as the Government isn't owed a penny as the purchase is solely in the name of your husband.

    You aren't the first person to look at doing their mortgage like this and you most certainly won't be the last person to want to do this (and do this!).

    Mailman
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