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Married but is sole mortgage application possible?

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  • Married but is sole mortgage application possible?

    Hi there

    Would really appreciate some insight into mortgage applications. My husband and I Have secured an agreement in principle (as far as I am aware he has not been credit checked for this). As we are married (I do not work, haven't done for 4 years and probably shan't for another 4), my credit is poor - I have none but have a defaulted account from 2007 on there which is satisfied. Can he apply for the mortgage solely? It is based purely in his earnings, his affordability and ultimately his credit. It shall I get dragged in to it even though the application is nothing to do with me?

    His earnings are commission based, he earned £117k last tax year and we will be putting down 10% on a 170k house. So this really is totally affordable. We have no debt not even an overdraft - am just so worried my poor credit will muddy his application if they insist in credit checking me as a financial associate.

    Please help?

  • #2
    Re: Married but is sole mortgage application possible?

    In the main lenders will be happy to accept a sole aplication from a married person without too much suspicion, but there are a couple of lenders who will ask for the reasoning behind the decision and if the answer is "because of the spouse's poor credit history" then they may reserve the right to decline.

    If you've already got an agreement in principle though (jointly I assume from what you have written) then it sounds as if you are worrying over nothing as this should have already been assessed by the lender involved.

    Generally it is best for a married couple to have a joint mortgage and I would investigate the possibility of this thoroughly first before going down the sole application route.

    If your historic default was satisfied some time ago then it may not be an issue for you. I would suggest that you discuss your situation in detail with a whole of market adviser who can work these things out for you and point you in the right direction.
    ____________________________________________
    Property for sale in Torquay

    www.thomasdobner.co.uk

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