Mortgage advice

[Tinkerbell36]

My situation is that I have very poor credit but my partners is good.
We want to move House and have a 40% deposit. Can we just take out the mortgage in his name as that way we’ll get a good rate?

Yes

Yes you can, but if the mortgage is in his name only then you don't own the house together. If anything happens to him it could cause major problems.

You can and it can go off his income. We did this as my credit rating was abysmal but my name was added to the mortgage because my partner could afford it on his own so I was not seen as a risk.

My partner can afford it on his own so that could be an option for the mortgage to be his but the house in both nanes. The large deposit is partly due to inheritance I received so in terms of money put in we’d be pretty equal.

Just make sure you get paperwork drawn up stating your deposit and go on the deeds and your partner takes out the mortgage.

Can my name be on the deeds and not the mortgage?

Yes. After all, you’re putting a fat deposit down so you need a share in the property.

Mortgage lenders won't like you being on the deeds and not on the mortgage. Good luck with that.

There are some lenders that will let you do that by the way. It's not impossible

That's interesting..do you know which lenders?

You can go on the mortgage even if they donth take your credit into account then put you on the deeds.
Make sure your solicitor puts you as tenants in common on the paper work and state your input.
We did this and it was all OK.

I am a Mortgage broker (who specialises in bad credit) - the information provided on this thread is not really right and the bits that could be right it is impossible to say as there is not enough information.

If the deposit is joint or yours then you will find it difficult to get a lender onboard to do a Mortgage solely in your partners name- not impossible but your options are limited.

If you are financially associated - eg you have a joint bank account or Sky TV in joint names, you might find it difficult - you can check your credit reports under financial associations.

There is only 1 lender who will allow more on the deeds than are on the Mortgage but they need perfect credit for both of you.

With a 40% deposit, pretty much any bad credit can be overcome. Speak to a broker who specialises in bad credit you might find a joint Mortgage at reasonable rates is possible.

I hope that helps.

We have a mortgage in my name only. My husband is on the deeds. The deposit was joint, although not 50:50. The mortgage is with HSBC - they were brilliant and it was easy to organise.

Nix32, that is the only lender I am aware of who will do it. But not where there is bad credit. HSBC only really like those with very good credit scores.

I took out mortgage in my name only but my husband and I both own the house on the dress. Not a problem. Small mortgage but was easiest as DH is self employed

Thanks everyone for your advice.
I have checked our credit ratings and mine is 597 whilst my partners is 790. I can really improve mine now as I have just paid off credit cards and will just keep one which I will manage sensibly paying off each month. I do have late payments but I have always paid maybe just a few days late. I will find an adverse credit financial advisor.

poster user1498269155 would you be able to advise me?

I Would recommend seeing a whole of market broker who can talk through this with you