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  • FIRST POST
    • Fireflyaway
    • By Fireflyaway 6th Aug 18, 8:12 PM
    • 2,107Posts
    • 2,445Thanks
    Fireflyaway
    Mortgage in one partners name?
    • #1
    • 6th Aug 18, 8:12 PM
    Mortgage in one partners name? 6th Aug 18 at 8:12 PM
    My husband and I hope to buy a house in about a year but

    His income is good / mine not so
    He has a permanent job / I'm on a fixed term contract
    His credit history is fairly good / mine is poor

    We also have monthly commitments in the form of school fees. Messing about with mortgage calculators it seems if we did a joint application, the school fees pretty much wipe out any increase in affordability that my income brings.

    I'm thinking it might be easier for my husband to apply as a sole applicant ( not mentioning school fees as I will pay them) then see if I can be named in some way afterwards for security?

    Could this work? Anyone done similar?
Page 1
    • middleclassbutpoor
    • By middleclassbutpoor 6th Aug 18, 9:23 PM
    • 416 Posts
    • 370 Thanks
    middleclassbutpoor
    • #2
    • 6th Aug 18, 9:23 PM
    • #2
    • 6th Aug 18, 9:23 PM
    I would go and see a broker and see what they can offer.

    if they are truly whole of market then they will have access/knowledge of lenders who can fit with your situation/circs. Just looking at the online mortgage calcs may not be the best way of assessing what you can/cannot do.
    • Thrugelmir
    • By Thrugelmir 6th Aug 18, 11:17 PM
    • 61,361 Posts
    • 54,610 Thanks
    Thrugelmir
    • #3
    • 6th Aug 18, 11:17 PM
    • #3
    • 6th Aug 18, 11:17 PM
    Apply jointly and declare everything. Find yourself a broker for guidance. Not advisable to attempt to bend the truth.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • butterflybook
    • By butterflybook 7th Aug 18, 9:26 AM
    • 117 Posts
    • 36 Thanks
    butterflybook
    • #4
    • 7th Aug 18, 9:26 AM
    • #4
    • 7th Aug 18, 9:26 AM
    find a broker and be completely honest, they will find you the most suitable lender given the circumstances - Some lenders wont disregard school fees even if you do not apply jointly - The best thing is to not try to manipulate anything to be able to borrow more
    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.
    • mrginge
    • By mrginge 7th Aug 18, 10:44 AM
    • 4,696 Posts
    • 8,936 Thanks
    mrginge
    • #5
    • 7th Aug 18, 10:44 AM
    • #5
    • 7th Aug 18, 10:44 AM
    I'm thinking it might be easier for my husband to apply as a sole applicant ( not mentioning school fees as I will pay them) then see if I can be named in some way afterwards for security?

    Could this work? Anyone done similar?
    Originally posted by Fireflyaway
    It sounds a little bit fraudy to me but itíll probably be alright.

    Iím thinking of doing a similar thing. Moving all our expenditure onto the wife and then just telling the bank sheís popped her clogs.
    • Fireflyaway
    • By Fireflyaway 8th Aug 18, 1:41 PM
    • 2,107 Posts
    • 2,445 Thanks
    Fireflyaway
    • #6
    • 8th Aug 18, 1:41 PM
    • #6
    • 8th Aug 18, 1:41 PM
    I'm not sure why this sounds 'fraudy' ? I'm not lying about anything or attempting to borrow more by separating aspects of our finances. I pay school fees, my husband pays the household bills. That's the truth. The amount we can borrow jointly is the same as if my husband made a sole application because the school fees wipe out my income anyway. The only reason for a sole application is because I don't want to ruin our chances as I have a poor credit history and an unstable job and I'm sure it would be a bit simpler.

    I've since spoken to a mortgage broker who advised that my idea is perfectly sensible. Seeing as I'm on a fixed term contract at work, he advised a lot of lenders won't consider my income.

    Funny how the worst is often assumed.
    Last edited by Fireflyaway; 08-08-2018 at 1:44 PM. Reason: T
    • Thrugelmir
    • By Thrugelmir 8th Aug 18, 2:00 PM
    • 61,361 Posts
    • 54,610 Thanks
    Thrugelmir
    • #7
    • 8th Aug 18, 2:00 PM
    • #7
    • 8th Aug 18, 2:00 PM

    Funny how the worst is often assumed.
    Originally posted by Fireflyaway
    In the world of finance. It becomes second nature to assume that something is being hidden. As a married couple your finances are intwined. What's the source of your deposit?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • foxy-stoat
    • By foxy-stoat 8th Aug 18, 2:04 PM
    • 3,235 Posts
    • 1,830 Thanks
    foxy-stoat
    • #8
    • 8th Aug 18, 2:04 PM
    • #8
    • 8th Aug 18, 2:04 PM
    In your situation I would apply jointly, tenants in common with equal split. Nothing to do with borrowing/earning, more to do with what happens further down the line, death/splits/needing care.
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