Mortgage advice

[Oodlesandpoodles]

Hi guys ( I’ve put this in money too but I prefer aibu )

So myself and my partner have been together since leaving high school ( currently 30).

We have rented for the entire time we are together, but are looking to buy a house.

I USED to have debt, but have since paid all of it off and have a good amount of savings ( learnt my lesson with credit cards).

My credit isn’t brilliant still, I can’t even get a phone contract in my name.

My DP has never had debt, has great credit etc.

If he were to buy a house on his “own” - I.e with my savings too but without me being on the mortgage officially.

(we have checked he’s entitled to about £250,000 from the bank on just his wage)

Would he be able to legally add me to the deed of the house? So that if in the worst case scenario I would have some sort of claim.

( just to add he proposed this idea of me asking what would be the best policy etc, he isn’t trying to scam me out of my money)

Thanks guys

Would he be able to legally add me to the deed of the house? So that if in the worst case scenario I would have some sort of claim

If you're not on the mortgage you can't go on the title information document as a joint owner.

There could be a charge added to the property that in the event of the sale, once the mortgage has been discharged you're entitled to X amount of the sale proceeds.

JacquesHammer - thank you ❤️

If you can get to a nationwide bank they gave me and my husband great advice when we first got a mortgage

Because I was on a student bursary they would not count my income but would put me down as a dependent if I was named on the mortgage. So it didn't make sense to do that,

They did explain about me going on a joint mortgage later but I can't fully remember-but they were so much more helpful than any estate agents or mortgage brokers so maybe worth asking them

You might still be able to go on the mortgage but your income might not be taken into consideration. Download the app called Clearscore. It gives you your credit score and gives tips on how to improve it, best of all its free.

Regardless how long you've been together, I'd protect yourself and wouldn't be handing my savings over without being on the mortgage.

Good luck.

Do go speak to a mortgage advisor. There are banks that do mortgages for people with poor credit ratings - they’ll have a decent array of mortgages to look at, even if you decide to do the process direct with a bank.

Had a similar situation. We bought a property and mortgage was in my name only. We had a written agreement as to what would happen if we were to separate and divorce. My DH trusted me fully to keep to this. Once the defaults had fallen off his credit file and he was able to obtain a mortgage, we remortgaged together and had a solicitor arrange for him to be added to the deeds.

I’m not advising this is what you do as our written agreement wasn’t legally binding so relied upon trust- not sure if there is a way to have a legally enforceable arrangement to protect you?

Have you tried getting a credit builder credit card, or one from your own bank?

Did you get behind with previous debt repayments within the past 6 years?

Are you on the electoral roll?

If you get one of the credit cards suggeted above and use it for a small purchase every month, eg a tank of petrol and set up a direct debit to pay it off in full every month, that will improve your credit rating, and at some point, you should be considered 'normal' and be able to get a mortgage at a good rate.

www.moneysavingexpert.com/loans/credit-rating-credit-score/ will help.

Hi guys thanks for the responses :)

So I do have a credit card that I use for £100 purchase everything month then I pay it off in FULL every month.

But my credit isn’t going up as quickly as I would like, and I doubt normal banks would lend to me.

But I will seek a mortgage advisor -

I do trust that my partner would stick to his word, but after years on mumsnet .... I would worry a little.