Help much appreciated, married but require sole mortgage

A question about : Help much appreciated, married but require sole mortgage

Hello,

Any help would be very much appreciated as me and my husband are at our wits end.

Our situation is as follows. My husband works and has an excellent credit rating whereas I have an awful credit rating (according to noddle only 2/5 and I have had a DRO previously) and am a full time stay at home mum so am not bringing in any money.

We assumed our only option for a mortgage would be for my husband to get one on his own. I am fine with this and we are desperate to get out of rented accommodation.

However, the difficulty is this. We have money for a 15% deposit but it is from an inheritance left to me from my granddad, so nothing to do with my husband. According to a couple of brokers we have spoken to this is going to be a major problem, as because the deposit is coming from me the mortgage companies will want me to be on the mortgage as well, but obviously this is not possible as my credit rating is so bad.

It seems like a Catch 22 situation, and we are so down about it, feels like however much money we manage to save, we are going to be trapped in our (far too small) rented house forever!

P.S. My father in law has offered to gift my husband (his son) the deposit amount instead, would this be a better idea? that way none of my money would be invested in the house. Not ideal though as we always intended my inheritance to be used as a deposit and it seems silly to have to be gifted the Ј from my father in law when my husband already has it sitting in his savings account!

P.P.S I am more than happy to sign anything the lender needs me to in order to state that I relinquish all rights to the property

Thanks in advance everyone, any advice would be very much appreciated!

Sophie :-)

Best answers:

• i was told that if your married both partys need to be on the mortgage could be wrong though
• When did your DRO finish?
• Hi,
  Thanks for the replies, my dro was discharged Sept 2010, still showing on my credit report. Hoping it will fall off soon though, think it's 5 yrs after date of discharge....
• Find a broker with some experience in adverse and you may find some options.
• I am a stay at home mom also. I had no choice to sign as we are married ( it seemed that way with all lenders that we looked at) My father in law gave us a deposit all we needed was a letter from him saying it was a gift that is not to be repaid and passport scan.
• whoever told you this is talking out there backside
  i am in exactly the same situation as you and have had full application accepted by halifax (waiting offer)
  My Mrs (stay at home mum) has no credit rating and holds the deposit (20%)
  All halifax require is a letter stating its a gift and is not expecting it back.
  some things to look out for though... not doing it jointly means any benefits (tax credits child benefit) being paid to your account will not be calculated as earnings even if he is on the letter.
  In my case this cost me Ј3000 per annum as tax credits had to be paid to her (on DWP insistance) and child benefit to me (i filled out this form)
  Luckily my wage and child benefit was just enough to get the amount i requested
  Also if you have a joint account or share any credit jointly, you will be affiliated with him and this could affect his application if your score is that bad.
  Hope this helps and good luck
• Hi ,
  Me and my husband were married and I am the only person on the mortgage. The deposit of 10% was a gift from my husband brother.
  My husband has to get a letter from the solicitor that he is not interested in the house and the amount given to me was gift. That was the only requirement from the HSBC bank. This was in Nov 2013.
  Hope it helps.
  Best wishes
• prior to application its not far off
• - Size of deposit
  - Bad credit vs no credit (very important when it comes to financial associations)
  Quite important factors.
  To say someone is talking out of their backside is a little on the strong side when your knowledge is clearly lacking - this being a prime example. Why are you asking what their experian score is? If you knew what you were talking about you would know that is not worth the paper its printed on.
• Thanks everyone, we have an aip from Halifax Carlos so I reckon we will give them a try. Thank you, it's really music to my ears that someone in a similar situation managed to get a mortgage.
• AVG i'm trying to help sophie not get into a debate with you.
  You may be a mortgage broker, you may be right and i may be wrong, but i am advising her of my perspective from being in a similar situation.
  As my wife has no credit i made a choice to leave her off the mortgage, i will pay to get her added to deeds at a later point. If sophie can not (i'm not saying she can't) get accepted jointly then her partner will be solely on the mortgage which puts us at the same point. I have also been told by halifax that if i put through a joint application and it fails, i can't put in a sole application for 3 months so i made a cautious decision.
  As my wife holds the deposit this again matches sophie. As Sophie is going with halifax like me, my dealing with them are ideal for her.
  As sophie requires a letter, my experiences again are valid as i have been asked for one written by my wife. Halifax did tell me about the advantages of having my wife on the mortgage but they were outweighed by the negatives. They respected my decision and proceeded to full application.
  To me it sounds like Sophie wants to have a single application go through and people are pushing them in a direction she doesn't want to go and this is causing her stress.
  Sophie, personally i would proceed the way you are and if you have any issues with what your mortgage adviser is telling you, question Halifax bank directly, after all it is their policies. There is not one rules for me and a different set for you.
• But telling the OP that someone who has given them advice is talking out of their backside when your circumstances are not identical (and thats from the limited information we have, I suspect there are more differences) is not being helpful, you could be pointing them to a lender who does a credit check at application stage and declines it - therefore you have no only wasted their time but also had an impact on the credit score, which in turn can make it even harder with another lender who may be more inclined to accept their circumstances.
  Appreciate you do not want to get in to a debate which is fine but without knowing the full story pointing them to a lender and saying the advice they have received is bad is not being helpful.
• what i have stated is a fact... she doesn't need to be jointly on an application in order to gift a deposit (in my experience with Halifax) just because she is married.
  That is pretty much the question she was asking if we put aside the circumstances.
  You haven't given a yes or no answer to this.
  I didn't have to and my mrs holds the deposit.
  I also mentioned about the affiliation if she has a joint account with hubby just to be on the safe side.
  i didn't tell her which bank to go with however its funny she already had AIP with Halifax already.
• Ive not answered the question as I cant. Theoretically it is possible but in the circumstances for the OP im not sure.
  AIP with halifax are worthless as they are soft footprints. Again, not worth the paper its printed on.
• Carlos, read the forum for a bit more before advicing people, this is the second misleading answer I see from you (in another one you were asking for the experian score....).
• I cannot see the problem here Sophie?
  If your father in law is prepared to gift the necessary deposit to your husband to allow him to purchase in his own name - that is the simple solution.
  A gift letter to the lender will be required.
  What you and your husband do with your remaining funds from your father is a matter for you.
  You should be aware that some lenders do not allow single applications for married applicants. We also sometimes see poor credit history on one spouse bringing down the credit score on the other spouse.
  For these reasons you will find a mortgage broker to be very useful to you with your application.
• Whoever advised you doesnt have a clue.
  No lender (im aware of) averages the 2 scores from any of your credit reports, they do not even use the score from your credit reports. They use the information only and combine it with the info on the DIP/Application to come up with their own scores. Lenders do not release how they score your application or the information they take into account and how much weighting it has.
  I realise on this thread I look like a dog with a bone and I apologise for that, but your replies are not being helpful to the opening poster.
  Naming a lender who accepted you is likely to mean that the person goes to that lender in the hope they also fit as the circumstances have some resemblances .
  As it happens in this case they had already been to the same lender but you did not know that at the time. Its seen as leading and brokers get castrated for it, your not a broker so would not fall into that category but you also dont know what your talking about so your not helping and potentially doing more harm than good.
  Again, not here to argue but I think its important people do not read your replies and think Halifax are the magic answer to anyone with DROs/Adverse.I think I have said my piece on this post so I will leave it there.